Charitable Planning

Post-Exit Planning Video 8-Building a Family Legacy

Please join Wayne M. Zell, Esq. for this 8th of eight videos of Episode 6: Post-Exit Planning, which focuses on building a family legacy. Continue reading

Tax Bill – More Individual Planning

The tax bill (TCJA) repeals the deduction for personal exemptions. It increases the standard deductions for single filers to $12,000 and for married joint filers to $24,000. These changes sunset after 2025 (i.e., personal exemptions would be restored).  The deductions for state and local income, sales and property taxes (SALT) are capped at $10,000 in total. The deduction for mortgage interest is limited to be allowable only on up to $750,000 of acquisition indebtedness. Mortgages incurred on or before December 15, 2017 are grandfathered under the $1 million limit of acquisition indebtedness. The home equity interest deduction is repealed.  There is also a temporary change to the medical expense deduction, allowing clients to deduct medical expenses that exceed 7.5% of adjusted gross income (instead of 10%) in 2017 and 2018. TCJA increases the charitable contribution limit to 60% of adjusted gross income for cash contributions (also sunsets after 2025). NOTE: Contributions of appreciated property are still subject to a 30% of adjusted gross income limitation. The five-year carryover for unused charitable deductions remains. Given these changes, what should I do now?

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Advanced Estate Planning, Charitable Planning Techniques, pt. 8/8

Please join Wayne M. Zell, Esq., for this video presentation of his Estate Planning Bootcamp for Financial Advisors, Session 5, part 8 of 8. This video focuses on charitable planning techniques. (Recorded on 9/14/2016)

Will Donor Advised Funds be Limited in Future?

In late February 2014, Representative Dave Camp (R-Mich.) proposed tax reform legislation including a requirement that all donations to a Donor Advised Fund be paid out within five years of their contribution, or 20 percent a year. There are also efforts to cap all deductions.  Rep. Paul RYan,… Continue reading

Tax-Exempt Status for First Church of Cannabis

Really?  On the one hand, marijuana remains classified at a Schedule 1 Drug under the federal Controlled Substances Act. At the same time, the IRS has granted tax-exempt status to a church that embraces pot as its sacrament.