Blog Category - Charitable Planning

Name: Strauss Attorneys PLLC
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Apr

The Power of Purpose: Unveiling the Impact of Charitable Giving

Compared to residents of other wealthy nations, Americans are more likely to give their time and money to help others. In 2023, the United States ranked ninth in per capita gross domestic product (GDP) but fifth on the World Giving Index rankings. Polling shows that Americans tru...

Apr

What Is the Difference Between a Probate and Trust Administration Attorney and an Estate Planning Attorney?

Estate planning attorneys and probate and trust administration attorneys play crucial but distinct roles in the legal processes involving legacy planning, asset distribution, and wealth preservation. Estate planning attorneys focus on creating a plan to manage a person's mo...

Apr

Saying Goodbye Is Hard: How a Comprehensive Estate Plan Can Help

When people think about estate planning, they usually focus on who will receive their money and property when they pass away and how it will be received. However, estate planning can also address your end-of-life wishes—the considerations and expenses involved when it is ti...

Apr

Inspiring Action: The Guide to Creating or Updating Your Estate Plan

Creating or revising an estate plan can feel overwhelming, causing many people to procrastinate. But the longer you put it off, the more potential there is to be caught unprepared in an emergency. So how can you motivate yourself and your loved ones to begin the process? Here are...

Apr

2023 in Review: Estate Planning Insights & Strategies for the New Year Ahead

For some, 2023 can be summed with two letters: AI. From the promises (“Now we are all ivy-league graduates! ”) to the doomsday predictions (“Terminator is no longer science-fiction! ”), 2023 has been the year of artificial intelligence. It was also the year that vinyl records exce...

Apr

Secure Act 2.0—Boon to Charitable Gifting?

Congress recently passed the Secure 2. 0 Act of 2022 (the “Act”); it became law on December 22, 2022. The Act is designed to encourage retirement saving and really has very little practical effect on estate planning in general, but it does contain some advantages to those who are...

Apr

New IRS “Clawback” Regulations Have Limited Applicability to Gift Transactions

The Tax Cut and Jobs Act of 2017 (TCJA) doubled the exemption amount available during lifetime or at death from $5 million to $10 million, inflation adjusted, until January 1, 2026. The 2022 exemption amount is $12. 06 million and will decline under current law, subject to further...

Apr

Last-minute Charitable Ideas and Impending Major IRA/401(k) Legislation

BREAKING NEWS—IMPORTANT IRA LEGISLATIONA new bill called the Setting Every Community Up for Retirement Enhancement Act, otherwise known as the SECURE Act has passed the Congress and was signed by President Trump on December 20, 2019. The SECURE Act goes into effect January...

Apr

Does the New Tax Act Reduce the Income Tax Benefits of Giving to Charity and How to Encourage Larger Donations?

The Tax Cuts and Jobs Act which became effective on January 1, 2018, affects almost every area of income tax law, including charitable giving. An individual’s cost to donate money to charity has traditionally been reduced by the tax benefits afforded charitable deductions under s...

Apr

The Many Pieces of Resting in Peace

For many people, end of life planning means having a good will and a better prayer. Some may also think about doing a trust, healthcare power of attorney, living will, long term care planning and even talking things over with family. But many people fail to think about funeral a...

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