Philanthropic Insights
Advising Clients on Starting a Charity
As 2020 ends and 2021 begins with little relief in sight from crises affecting our region, more and more attorneys, accountants, and financial advisors are fielding questions from well-intended clients who are exploring starting their own nonprofits to help people in need. Whether a client’s passion is health care access,…
Advice to Advisors: Seek Clarity About Clients’ Commitment to Community
The odds of President-Elect Biden’s proposed tax plan becoming law depend on factors that will not be known until Georgia’s run-off elections on January 5, which will determine whether the Democrats or the Republicans will control the United States Senate. This uncertainty prevents advisors from having confidence about advising clients…
Charitable legacies: What’s on tap for bequests?
Perhaps the one component of President-Elect Biden’s proposal with the biggest potential impact on ultra-wealthy philanthropists is his intention to raise estate taxes and change the way capital assets are taxed after death. Currently, the gift and estate tax exemption per person is $11.58 million and $23.16 million for a…
Taking chances: Will hindsight point to 2020 as the year to maximize giving?
The November 3 election left wealth managers, tax professionals and estate planners with a dilemma: Should advisors counsel their clients to implement planning techniques in anticipation of sweeping changes to the tax laws, or instead assume the status quo will continue and stay the course with clients’ current plans? Here’s…