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CRISIS CREATES OPPORTUNITY: The Coronavirus’s Perfect Estate Planning Storm To read this alert as a pdf, click here. First know that we are praying for you, your family and your community in this challenging time. This is a frightening time not only for your health, but also for your economic […]

The recent tax reform created changes relating to charitable giving for both individuals and entities. As a non-profit what does that mean for you? The below summary will help you understand how the tax law changes relate to charitable giving and how you can prepare.  Individual Income Tax The tax […]

“The biggest loophole in the gift and estate tax system is the uncertainty in value of the family controlled business entity” A large percentage of high net worth estates consist of closely-held business entities. Many of these business entities are operating businesses, while some are holding companies for investment assets. […]

“It’s not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change” – Charles Darwin Formula estate tax clauses in trusts have long been a staple planning strategy to protect families from the estate tax. With […]

In prior years, Congress allowed IRA qualified charitable rollovers on a temporary basis.  The IRA qualified charitable rollover permits a taxpayer over the age of 70 ½ to direct the IRA provider to distribute up to $100,000 of the taxpayer’s IRA directly to most public charities.  If the charitable qualification […]

An unfortunate, but increasing reality is that some charities are electing to file for bankruptcy to deal with creditors. Sometimes these creditors arise from unexpected litigation and others from declines in revenue and weakness in the economy. Unlike businesses, charities cannot be forced into bankruptcy by their creditors, they must […]

Over the last several years, Congress has extended the IRA qualified charitable rollover for another year. It is anticipated to extend it again this year. The IRA qualified charitable rollover permits a taxpayer over the age of 70 ½ to direct the IRA provider to distribute a portion of the […]

Laura Mossman, Hinkle Law Firm LLC Mitch Caddell, BKD With recent declines in oil and gas prices, owners of family-owned, closely held energy companies have the opportunity to transfer significant wealth to the next generation or to key employees at reduced prices. Whether you’re transferring entity interests and individual holdings […]

In December 2010, the federal gift and estate tax exemption was temporarily increased through 2012.  As a result, a person can transfer up to $5.12 million without paying gift tax.  A married couple can combine their exemption and transfer $10.24 million tax free. Unless Congress and the President agree before the […]

Estate planning and charitable planning often go hand in hand. For many people, leaving a legacy of philanthropy is as important as providing financial security for their families. If your estate plan includes charitable contributions, be sure you understand their tax implications.