Sharpe Blog

Sharpe Blog

Posted February 22nd, 2016

Some Gift Annuity Questions – Part 3

Here we look at some gift annuity situations that went awry. Beginning with an important case that involved a flawed gift receipt. Case # 1: Donor transfers $25,000 to Charity to establish a gift annuity. Charity prepares a gift annuity agreement, which Donor signs, and subsequently begins making annuity payments to Donor. In due course,… read more

Posted February 8th, 2016

Some Gift Annuity Questions — Part 2

Gift annuities are simple except when they’re not. Some more questions: Can a commercial annuity be swapped tax-free for a charitable gift annuity? Some donors and advisers think so, but the answer is no. The question arises because there’s a tax-free “1035 exchange,” which allows one commercial annuity to be swapped tax-free for another commercial… read more

Posted January 25th, 2016

Some Gift Annuity Questions — Part 1

Gift annuities are simple, right? Right, except when certain questions arise. Questions such as: Is it all right to use a gift annuity transaction to satisfy an enforceable pledge previously made? – The IRS hasn’t said. Caution is warranted. Why? Because the only consideration a charity may furnish to the donor in a gift annuity… read more

Posted January 11th, 2016

Finally! The Charitable IRA Provision Is Permanent

Finally Congress has made the charitable IRA provision permanent. Now the fun begins. What fun? Dealing with all the questions to which there are no clear answers. For example, a donor’s IRA custodian mails to the donor a charitable IRA contribution check payable to a charitable organization. The check is mailed to the donor on… read more

Posted December 28th, 2015

A Prescription for Gift Receipts

(When Is a Gift Complete for Tax Purposes? Part II) The prescription is simple in principle, sometimes not so simple in practice: Stick to the facts. That’s it. It applies to all gift situations, and no one (especially a strong-willed donor) can argue rationally against it. Let’s look at some gift situations and see how to… read more

Posted December 18th, 2015

The President Has Signed the Tax Extenders Bill

12/18/15, 5:33pm EST We have received word that the President has signed into law the funding and tax deal that extends the charitable IRA rollover permanently. For details, click here. Below is some suggested donor language: Special tax-free IRA gifts For those aged 70½ or older, it is once again possible to make tax-favored charitable… read more

Posted December 18th, 2015

Charitable IRA Extension Has Passed the Senate

12/18/15, 11:53am CST The Senate has passed the bill that extends the charitable IRA rollover. Since it is widely expected that the President will sign in the next few days, we sent out an eblast with language you can use in donor communications. If you did not receive that and would like that information, please email… read more

Posted December 17th, 2015

The House Has Passed Bill Extending Charitable IRA Rollover

12/17/15, 4:21pm CST Earlier this afternoon, the House passed the “tax extenders” bill which includes a provision extending the charitable IRA rollover. The bill is expected to be voted on by the Senate on Friday, December 18. Currently, the bill is expected to pass the Senate and be signed into law by the President. More… read more

Posted December 16th, 2015

What’s Going on with the Charitable IRA Rollover?

Updated 12/18/15, 9:58am CST The IRA Rollover provision, which allows individuals over 70½ to make direct distributions from their IRAs to a qualified charity on a tax-free basis, is part of a larger bill that includes a number of popular provisions that are widely expected to be passed before the end of the year. In… read more

Posted November 30th, 2015

When Is a Gift Complete for Tax Purposes? Pt 1

Another way to ask the question is, what is the date of gift? This question is important for two reasons. First, the date of gift is the valuation date for federal income tax purposes. Second, the date of gift is the date on which the gift is made for tax purposes. In year-end giving, the… read more

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