Gifts

IRS Cautions Taxpayers about Fake Charities

It seems like every day we receive pleas from charities to make donations for their cause.  Some we recognize;  others, well, you may never have heard from them before.  Especially with the topsy-turvy world we have been experiencing with Covid-19, most legitimate charities have noticed a decline in contributions.  It is sad for those legitimate […]

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A Gift Like No Other

An occasion – birthday, religious holiday, cultural holiday – is in the near future and you are thinking of gifts that you can give to others.  We surf the internet, go to stores, think of that “perfect” gift, or even perhaps just give in to gift cards, but have you considered giving a gift from […]

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2021 Gifts to Charities

As we near the end of the year (it will be here before we know it), you may be thinking about donations to charities.  But, then you remember you don’t itemize deductions on your income taxes, so does it really matter when you make your charitable donation?  Last year, there was a deduction of up […]

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Don’t Forget The Special Income Tax Deductions For 2020

Do you think that there are no holiday gifts when it comes to income taxes?  If you said no, then read on.  I know that I did a similar blog, but this will provide a reminder as we near the end of the year if you haven’t already made donations. For this year, 2020, there […]

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The Problem Heir

Let’s face it – there is always a family member who causes concern, disappointments or heartache.  Embarrassing, isn’t it?  But you are getting ready to do your estate planning or thought you had it done until something comes up that causes you to think about the situation. So, what do you do?  How do you […]

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What Happens If Large Gifts Are Made Now?

With the Tax Cuts and Jobs Act of 2017, the increased gift and estate tax exclusion amounts are set to sunset in 2025.  The exclusions are $11.2 million in 2018 and will increase each year until 2025, indexed for inflation.  But, what will happen if you make a large gift now?  Will you risk the […]

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What Are You Giving To Charities This Holiday Season?

TIS the season of giving and as we near year end, we think of giving gifts not only to those we love, but also to our favorite charities.  You itemize deductions and you want to use the donations to reduce your income tax.  But IS that donation deductible? Are you aware that only donations to […]

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Gifting Homes to Children Can Be Creating A Gift For the Government

Older adults are often concerned with preserving their homes from long term care costs. For many years, the solution has been to transfer their homes to one or more of their children. Doing so can be perilous for a number of practical reasons including the impact upon property in the event one of these children […]

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Legal Authority For Gifting

As wealth accumulates in this country and our population continues to age, the propriety of lifetime giving has increased. Gifts can be made out of sheer benevolence, but are also important in minimizing death taxes and long term care costs. This blog will review some of the key concepts involved in lifetime giving. Gifts can […]

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Court Finds Bequest to Unformed Charity Lapsed

Muhammed Belal Hussain died on March 10, 2013 with a will, which left 50% of the residuary estate to the Hussain Family Foundation, 25% to the decedent’s surviving brothers, and 25% to the decedent’s surviving nieces and nephew. The Foundation did not exist at the time of the decedent’s death. The attorney who drafted the […]

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