January 2021 | Sharpe Group
Sharpe Blog

Archive for January, 2021

2020 Planned Gifts

There’s something important about 2020 charitable giving that’s not been reported in the press. 2020 was a banner year for planned gifts. Annual giving held up well too. At least, that’s what I’ve heard from my clients—a mix of top-notch educational, healthcare, arts and social service organizations. Good news, but no surprise to me. No …Read More

How Do You Spell Relief in 2021?

In the final days of 2020, President Donald Trump signed the biggest COVID-19 relief package since the CARES Act passed last spring. Incoming President Joe Biden and Congress have signaled that additional help and stimulus are needed to battle the pandemic and accompanying economic woes that unfolded in the first quarter of 2020. President Biden …Read More

The Updating of the Decennial Actuarial Tables: 2 Years Late and 10 Years Out of Date?

Sec. 7520(c)(2) of the Internal Revenue Code requires the updating of the actuarial tables every 10 years. In August 2020, the National Center for Health Statistics and the Centers for Disease Control and Prevention released updated tables for the 2009-2011 period. This report shows the continual improvement in longevity. Almost 6,300 more people out of …Read More

Gift Receipts … Continued

Last time, I suggested this language for a year-end cash gift receipt: Thank you for your cash gift of $5,000 made by your Chase Bank check number 2651, dated December 31, 2020, which [our charity] received in the mail on January 4, 2021. [Our charity] provided no goods or services to you in consideration of …Read More

The Better Testamentary Response to the SECURE Act: Charitable Remainder Trust or Gift Annuity? Part 3

In establishing a testamentary charitable gift annuity that qualifies for the federal estate tax charitable deduction, all the variables must be discernible at the date of the donor’s passing. These variables could be described either in (1) the beneficiary designation document itself such as the will or trust or (2) a stand-alone agreement on file …Read More

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