A 20-year-old with a brand-new bachelor’s degree from the University of Miami, Gordon Miller, MD ’60, knew he would be a doctor. What remained to be determined was less straightforward: where to attend medical school? To answer this question, Miller turned to every physician whom he knew in his Miami hometown. The responses—apparently invariably—were the same: […]
Building on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, the SECURE Act 2.0 passed by Congress in December 2022 contains many positive changes for those nearing or in retirement. Here’s how you may be able to utilize some of the new law’s provisions: *Income from CGAs funded by IRA rollovers […]
Since the passing of the SECURE Act in 2019, lingering questions remain around its implementation. Earlier this year, the IRS proposed regulations to guide the interpretation of the SECURE Act, and when finalized, these regulations could affect the decisions you make in your retirement and estate planning, particularly regarding your individual retirement accounts (IRAs). A […]
Congress appears ready to approve legislation that would permit distributions from an IRA to fund a charitable life income gift. The Senate Finance Committee unanimously passed the Enhancing American Retirement Now (EARN) Act, which is being called “Secure 2.0,” a nod to the Secure Act of 2019. Within the EARN Act is the Legacy IRA […]
Philanthropy can have many forms—giving of time, talent or treasure (or a combination of all three)—however at its core, the definition of philanthropy is making life better for others. In The Soul of Money, Lynne Twist writes, “No matter how much or how little money you have flowing through your life, when you direct that […]
Recent legislation introduced in Congress would reform federal law and change the way donor-advised funds (DAFs) are required to distribute funds. The Accelerating Charitable Efforts Act (ACE) would modify the Internal Revenue Code of 1986, establishing a timeline for distributions from DAFs to working charities. The ACE would create two new types of DAFs: 15-year […]
When Marcus Kawaja, Class of 2025, began his college search, parents Wendy Holcombe and Carl Kawaja of San Francisco thought WashU might be a good fit. “It seemed like a great university, and it had a really good feel,” says Wendy. “I had a dear friend from college whose mom worked at WashU. I heard […]
What is a CGA? A charitable gift annuity, or CGA, can be a mutually beneficial gift arrangement for both the donor and charitable organization. The most common life income gift, a CGA is funded with a gift of cash or marketable securities, and provides a fixed payment rate for up to two annuitants—the donor, donor’s […]
What are the potential tax benefits of donating crypto? Donating crypto directly to charity can save you money on two types of taxes: Avoid paying any capital gains tax on your crypto gains. Receive a federal income tax deduction for the full value of your crypto (state and local income tax deductions may also be […]
Are you looking for a way to maximize your charitable giving this year? The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides several opportunities to maximize your gifts and minimize taxes, including deducting up to 100 percent of your adjusted gross income (AGI) for cash gifts made during the 2021 tax year. The charitable […]