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Innovate with Real Estate Gifts

3 weeks ago By Evan Lange

Real estate is one of the best charitable gifts an individual can make, and you can use these two main strategies to educate your clients on the opportunity. For a concise summary to share with clients, see our real estate fact sheet here with the details of these strategies, but below are the basics of how to make real estate gifts a reality for your clients. Strategy #1 – Gift Before a Sale Gifting all or a portion of a piece of property before the sale occurs. Key Points: The gift, meaning actual transfer of ownership, needs to occur before…

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Advisor

When Giving Hurts

3 months ago By Evan Lange

You may have heard of the bestselling book When Helping Hurts, which provides a framework for poverty alleviation by walking with the materially poor in humble relationships instead of just giving temporary handouts on money. The same can apply to generosity. It often starts materially or monetarily, but in its highest form, it often looks like sacrificial living. When I left the law firm to join The Signatry about 5 years ago, a colleague of mine told me to read this book and see that giving materially is not necessarily the best way of generosity. I agree with that statement…

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Advisor

3 Common Questions on Business Interest Gifts

4 months ago By Evan Lange

Whenever I speak or write about business sales and giving business interest gifts, I always emphasize the importance of giving BEFORE the sale of the business. Every year, I will receive a call from an advisor, attorney, or accountant saying, “My client is selling a business next week (or some other shorter time period). Can we still do a gift before the sale?” It happens often! In an attempt to answer this question, here are three quick pointers you should know: 1. Why is it important to gift business interest before a sale? By giving business interest to a donor…

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Advisor

Three Ways 2020 Could Impact Estate Planning

5 months ago By Ben Bell

Now is the time to review estate plans for 2020. The beginning of the year is a time when many people have a resolution to evaluate, reevaluate, or plan their estate for the first time. With the turn of the calendar below are a few items of note which can affect planning an estate in 2020. Here are three things to consider as you engage with clients in this important conversation. 1. SECURE Act Effective January 1, 2020, the SECURE Act changes the age of required minimum distributions (RMDs) to age 72 and, in effect, eliminates the “Stretch-IRA” strategy for…

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Advisor

Starting 2020 with 20/20 Vision

6 months ago By Evan Lange

Over 60% of Americans will make New Year resolutions for 2020. Some of the most popular resolutions for 2020 are losing weight, reading more, spending more time with family, and flying less to help prevent emissions into the environment. While I typically do not have a “resolution” for the New Year, I will build a plan and goals for the next 12 months. What are the goals for financial advisors, lawyers, and accountants for 2020? A quick web search will provide hundreds of tips to improve and grow your practice. These tips include: investing and utilizing new technology, exploring new…

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Advisor

Generosity in the Story of Christmas

7 months ago By Evan Lange

Christmas is my favorite time of year. I love the joy and cheer, sweet treats, and the wonder in my children’s eyes when they come down the stairs on Christmas morning. But the thing I love most is the Christmas story! In Chip Ingram’s book, Genius of Generosity, he gives a beautiful picture of how true generosity is demonstrated in the Christmas story. To better explain this, let’s look at the six types of gifts given in the Christmas story. Gift of Treasure – The Wise Men As the leading astrologers of their time, the Magi studied the stars and…

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Advisor

Year-end checklist for Advisors

8 months ago By Evan Lange

The leaves and the weather are changing, so that means it is time to start year-end planning sessions with your clients. Take some extra time this fall to consider some of these simple year-end charitable and tax-planning strategies: Bunch a bunch Because of the 2017 tax law changes, several clients may not have enough itemized deductions to surpass the 2019 standard deduction threshold ($12,200 for individuals and $24,400 for married couples filing jointly). However, clients can maximize their deductions by doubling or tripling up charitable contributions one year and skipping the next year(s). This strategy is referred to as “bunching”…

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Advisor

The History of Donor Advised Funds

8 months ago By Evan Lange

I love studying history. From recent events to ancient biblical history, it is important to know how we have arrived at where we are today. Therefore, I would like to provide a little history of the donor advised fund (DAF). Many may know the charitable and tax benefits to using DAF, but DAFs are still underutilized by many. This is likely because DAFs are still relatively young from a historical perspective. Here is a brief history: In 1913, Congress passed the Revenue Act which exempted charitable organizations from paying federal taxes. In 1914, the world’s first community foundation was established…

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Advisor

Warren Buffett’s Missed Opportunity

11 months ago By Evan Lange

When it comes to charitable giving, it often seems like the world’s wealthiest individuals have it figured out. With so many assets to manage, these donors know how to support charitable causes while capitalizing on the tax benefits of the giving process, right? Unfortunately, not all get it right. In July, an article in Forbes announced that Warren Buffett is donating $3.6 billion of his Berkshire Hathaway stock to charity. It also offered advice on how other donors could maximize their giving by following in Buffett’s footsteps. The problem? Buffett is primarily giving the stock to private foundations. Consequently, he is missing out on significant tax benefits he could receive if he utilized a donor advised fund (DAF) instead. There are important differences, when it comes to tax benefits, that all donors and advisors should consider.

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