Are My Publications Up to Date?
The Tax Cuts and Jobs Act of 2017 (TCJA) continued the trend toward reducing the impact of federal estate and gift taxes on personal estate planning. Effective January 1, 2018, the act doubled the estate and gift tax exemption, increased the annual gift tax exclusion and repealed the Pease limitation. Read on for more details and check with your advisors for latest amounts.
The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) made several changes that may serve to encourage charitable gifts from retirement plans after first providing for your needs and those of your loved ones.
The Protecting Americans from Tax Hikes Act (PATH) of 2015 extended and made permanent a number of popular tax breaks, including the charitable IRA provision for those aged 70½ and older.
Also the American Taxpayer Relief Act (ATRA) was passed by Congress in 2013. Combined with the Medicare surcharge tax are numerous changes that will affect tax incentives for various current and deferred gifts.
Sharpe’s updated publications reflect changes in the laws as a result of TCJA, PATH and ATRA. To assist you in reviewing materials you have now, check for references to the following:
- The American Council on Gift Annuities suggested new payment rates on charitable gift annuities effective January 1, 2020. (See the ACGA website for more information.)
- The current income tax rates that should be used in publications are 37%, 35%, 32%, 24%, 22%, 12% and 10%.
- References to the gift and estate limits should be $10 million for individuals, $20 million for married couples, indexed for inflation; for 2020, the exemption amounts are $11.58 million for singles and $23.16 million for married couples.
- The maximum rate for gift and estate tax was raised to 40% in 2013.
- References to $12,000, $13,000 or $14,000 annual exclusion amounts are no longer accurate. The exclusion has been raised to $15,000.
- The Charitable IRA provision was extended and made permanent.
- The maximum rate for most capital gains and dividend income was increased from 15% to 20%.
- The 3.8% Medicare surcharge tax is added to the lesser of net investment income, including capital gains, or the amount one’s income exceeds the threshold amount.
- The Pease limitation, that reduced the benefit of itemized deductions for some high-income taxpayers, was repealed.
Materials with content that is not accurate in light of the above may be obsolete and should be replaced with updated publications. Versions printed in 2020 may be preferred because of updated and revised copy. If you have questions, please contact us at firstname.lastname@example.org or call us at 901-680-5300.
|Item #||Title||OK to Use?|
|1126B-08||When Should a Woman Have a Will?||Yes|
|1136B-12||Eleven Things to Remember||Yes|
|1146B-15||You Never Need to Change Your Will Unless||Yes|
|1612B-18||How a Will Works for You||Yes|
|1612B-14||How a Will Works for You||Yes|
|1632B-19||An Estate Planning Quiz||Yes|
|1632B-18||An Estate Planning Quiz||Yes|
|2020B-15||Questions & Answers About Life Insurance||Yes|
|2021B-18||Questions & Answers About Retirement Plan Giving||Yes|
|2021B-17||Questions & Answers About Retirement Plan Giving||No|
|2024B-19||Questions & Answers About Wills and Bequests||Yes|
|2024B-16||Questions & Answers About Wills and Bequests||Yes|
|2025B-17||Questions & Answers About Estate Planning||Yes|
|2025B-15||Questions & Answers About Estate Planning||Yes|
|2026B-20||Questions & Answers About Gift Annuities||Yes|
|2026B-17||Questions & Answers About Gift Annuities (without rates)||Yes|
|2027-04||Questions & Answers About Giving for Income||Yes|
|2031B-19||Questions & Answers About Giving Securities||Yes|
|2031B-17||Questions & Answers About Giving Securities||Yes|
|2032B-18||Questions & Answers About Estate Planning for Women||Yes|
|2032B-15||Questions & Answers About Estate Planning for Women||Yes|
|2033B-09||Questions & Answers About Deferred Payment Gift Annuities||Yes|
|2035B-15||Questions & Answers About Giving Real Estate||Yes|
|5000-18||Five Ways to Make the Most of Your Gifts||Yes|
|5000-16||Five Ways to Make the Most of Your Gifts||Yes|
|8222-19||The Charitable IRA||Yes|
|8222-18||The Charitable IRA||Yes|
|MEM8-08||Giving Through Living Memorials||No|
|TFG9-07||Thanks for Giving (Type)||Yes|
|Item #||Title||OK to Use?|
|110A-16||37 Things People “Know” About Wills That Aren’t Really So||Yes|
|110A-13||37 Things People “Know” About Wills That Aren’t Really So||Yes|
|130ZA-20||Giving Through Your Will||Yes|
|130ZA-18||Giving Through Your Will||No|
|140ZA-19||How to Make a Will That Works||Yes|
|140ZA-18||How to Make a Will That Works||Yes|
|180ZA-20||How to Protect Your Rights With a Will||Yes|
|180ZA-18||How to Protect Your Rights With a Will||No|
|211ZA-20||Giving Through Gift Annuities (newest rates)||Yes|
|211ZA-18a||Giving Through Gift Annuities||No|
|220A-20||Planning for the Future (formerly Reflecting on Tomorrow)||Yes|
|220A-19||Planning for the Future (formerly Reflecting on Tomorrow)||No|
|410ZA-20||Giving Through Living Trusts||Yes|
|410ZA-18||Giving Through Living Trusts||No|
|430ZA-18||Giving Through Life Income Plans||Yes|
|430ZA-15||Giving Through Life Income Plans||No|
|450ZA-18||Giving Through Charitable Remainder Trusts||Yes|
|450ZA-17||Giving Through Charitable Remainder Trusts||No|
|460ZA-20||Giving Through Charitable Lead Trusts||Yes|
|460ZA-18||Giving Through Charitable Lead Trusts||No|
|510ZA-20||Giving Through Life Insurance||Yes|
|510ZA-18||Giving Through Life Insurance||No|
|610ZA-20||Better Estate Planning||Yes|
|610ZA-19||Better Estate Planning||No|
|710ZA-20||Giving Real Estate||Yes|
|710ZA-18a||Giving Real Estate||No|
|730A-18||Personal Financial Affairs Record||Yes|
|730A-17||Personal Financial Affairs Record||Yes|
|820ZA-18||Giving Through Retirement Plans||Yes|
|820ZA-17||Giving Through Retirement Plans||No|
|920ZA-20||Your Guide to Effective Giving in 2020||Yes|
|925ZA-18a||Your Guide to Effective Giving After Tax Reform||Yes|
|925ZA-18||Your Guide to Effective Giving After Tax Reform||Yes|
|930A-18||Charted Giving Plans||Yes|
|930A-16a||Charted Giving Plans||Yes|
|FTPG-20||Federal Tax Pocket Guide||Yes|
|PPG-20||Personal Planning Guide||Yes|
|CGPG-18a||Charitable Gift Planning Guidelines||Yes|
|Item #||Title||OK to Use?|
|170-16||Personal Financial Affairs Record (Larger Version)||Yes|
|170-14||Personal Financial Affairs Record (Larger Version)||Yes|