Fully understand the rules and guidelines you should know when donating to a charitable organization.
Many financial and estate planning clients are charitably motivated, and the tax laws in the United States are structured to incentivize charitable contributions through charitable deductions for income, estate, and gift tax. Yet, the rules relating to charitable deductions are some of the most complicated provisions in the Internal Revenue Code. Few professionals in this arena fully appreciate the significant restrictions on donating to charitable organizations. If a charitable donation is structured incorrectly, a taxpayer may not only be denied an income tax deduction but may be required to pay gift tax on the amount contributed. Moreover, in a number of situations, the taxpayer could be exposed to a 200% excise tax on transactions involving private foundations, charitable remainder trusts, and charitable lead trusts. Recently, the tax benefit from a perfect charitable donation has been diminished on account of the high standard deductions which individual taxpayers may enjoy. For that and other reasons, donations made by a nongrantor trust may be preferable to contributions by individuals, yet most clients are not advised to take advantage of that structure. This topic will go through some fundamentals and fine points of charitable giving. It is certain you will learn new techniques intended to maximize the benefits of charitable contributions. You will also take away some key tips to prevent you and your clients from suffering the consequences of incorrectly structured or reported donations. This information will have an important impact on your practice, and help you to further the charitable goals of your clients.
- You will be able to describe to your clients how a charitable remainder trust can save income tax dollars and enhance their wealth, while also fulfilling their charitable goals.
- You will be able to discuss why funding a charitable lead trust with life insurance may be a tax disaster.
- You will be able to identify potential pitfalls in charitable planning, including likely areas of self-dealing which can result in 200% taxes.
- You will be able to recognize when a charitable lead trust should be a grantor trust.
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|The Charitable Deduction|
|Qualifying for the Charitable Deduction|
|Special Considerations for Estates and Trusts|
|Planning for the Charitably Motivated Client|
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- CFP 1.5
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- CPE 1.8 including Taxes 1.8
- Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 1.8 hours. Prerequisite: basic knowledge of estate planning. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
- Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Taxation for 1.5 hours.
Who should attend?
This live webinar is designed for attorneys, estate planners, accountants, presidents, vice presidents, CFOs, finance directors, business owners and managers, tax managers and financial planners.
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Jonathan G. Blattmachr
- Principal at InterActive Legal
- More than 35 years of experience in trusts and estates law
- Former partner in Milbank Tweed Hadley & McCloy in New York
- Licensed to practice law in New York, California, and Alaska
- Wrote or co-wrote eight books and more than 500 articles on estate planning topics
- Writes and lectures extensively on estate and income tax planning, as well as charitable giving
- Editor of Wealth Transfer Planning and founder of InterActive Legal - www.interactivelegal.com
Vanessa L. Kanaga
- President and director of content development at InterActive Legal
- Former associate at Milbank Tweed Hadley & McCloy LLP and Moses & Singer LLP in New York, and Hinkle Law Firm LLC in Wichita, KS
- Licensed in New York and Kansas
- J.D. degree, Cornell Law School; B.A. degree, Wichita State University; Advanced professional certificate from NYU School of Law
- Can be contacted at [email protected]
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