When a person uses a will to leave property to their family, friends or the causes they support, the act is known as a bequest. A bequest can be the cash, investments, jewelry or other items that a person passes to beneficiaries when they die.
A qualified charitable distribution is a direct transfer of traditional IRA funds to a qualified charity.
When the 7520 rate is low—as it has been for 15 years—opportunities for good planning abound. However, what about when the rate is high? Few estate planners have needed to ask themselves that question until very recently.
It may be better to give than to receive. However, it may be even better to give and see your generosity rewarded.
Some people choose, upon their passing, to give their inheritance to a specific charity or organization. The great news is you don’t need a famous surname to give like a philanthropist.
With a charitable tax deduction, you can donate to a good cause and cut your tax bill at the same time.
Estate planning might sound like something that’s just for wealthy people with huge beach houses and billions in the bank. However, the truth is that estate planning is something we all need to think about.
Failing to properly plan for disability, death, or the ultimate transition of a family business can lead to disastrous financial consequences for both the business and the family.
Transferring a home to adult children is not quite as easy as giving them the keys and letting them move in. No matter how you do it, the taxman wants his cut, whether through estate and gift taxes or those for property and income, both federal and state.
One goal of estate planning is to bring some certainty to a multitude of variables. Recent increases in inflation, interest rates and market volatility, however, are causing some experts to reassess their options.
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