Sharpe Group generally encourages its clients to seek out residuary estate gifts instead of gifts of specific dollar amounts. Is this always a good idea? Let me share a story of two charities, one that requested a residual gift and one that requested a specific amount from the same donor, and how things unfolded. After …Read More
Sharpe Group is pleased to welcome back to the team, Kristin Croone. Kristin recently returned to Sharpe as a Senior Consultant after taking a short break from the gift planning field. She has a J.D. from Case Western Reserve University in Cleveland, Ohio. She previously worked with Sharpe as a technical editor and has worked …Read More
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
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
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
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
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
In a lot of years, January has been hectic for me. Why? Because my phone has rung ceaselessly about year-end gift problems. What sorts of problems? These have been typical phone calls: Donor wired stock to us in late December, but we didn’t receive the stock until January. Our business office says we keep our …Read More
Last night, President Trump signed the latest relief package attached to the Consolidated Appropriations Act to fund the federal government. The relief portion of the legislative package was estimated at approximately $900 billion and includes extended unemployment benefits for millions of people who lost jobs this year, as well as $600 one-time relief payments to …Read More
Many commentators believe funding a testamentary charitable gift annuity with an income in respect of a decedent (IRD) item, like an IRA, means the annuity will be taxed in full immediately, with no recovery in basis. But is that, in fact, the correct result given the purpose of the IRD rules? When this IRD item …Read More