Gifting Considerations During The Holiday Season

Contributed by: Nick Defenthaler, CFP®, RICP®

Giving is top of mind for many now that we are officially in the thick of the holiday season. Whether you’re shopping online or fighting crowds at the mall, there are other forms of gifting to consider – ones that would arguably have a much larger impact on your loved one's life.

Gift Tax Exclusion Refresher

The annual gift tax exclusion for 2020 is $15,000. This means you can give anyone a gift for up to $15,000 and avoid the hassle of filing a gift tax return. The gift, if made to a person and not a charitable organization, is not tax-deductible to the donor nor is it considered taxable income to the recipient of the gift. If you are single and wish to gift funds to your daughter and son-in-law, you can give up to $30,000, assuming the check issued is made out to both of them. Remember, the $15,000 limit is per person, not per household. For higher net worth clients looking to reduce their estate during their lifetime given estate tax rules, annual gifting to charity, friends, and family members can be a fantastic strategy. So what are some ways can this $15,000/person gift function? Does it have to be a gift of cash to a loved one’s checking or savings account? Absolutely not! Let’s look at the many options you have and should consider: 

1. Roth IRA funding 

If a loved one has enough earned income for the year, he or she could be eligible to fund a Roth IRA. What better gift to give someone than the gift of tax-free growth?! We help dozens of clients each year with gifting funds from their investment accounts to a child or grandchild’s Roth IRA up to the maximum contribution level of $6,000 ($7,000 if over the age of 50). Learn more about the power of a Roth IRA and why it could be such a beneficial retirement tool for younger folks. 

2. 529 Plan funding 

529 plans, also known as “education IRAs” are typically used to fund higher education costs. These accounts grow tax-deferred and if funds are used for qualified expenses, distributions are completely tax-free. Many states (including Michigan) offer a state tax deduction for funds contributed to the plan, however, there is no federal tax deduction on 529 contributions. Learn more about education planning and 529 accounts.

3. Gifting securities (individual stock, mutual funds, exchange-traded funds, etc.)

Gifting shares of a stock to a loved one is another popular gifting strategy. In some cases, a client may gift a position to a child who is in a lower tax bracket than them. If the child turns around and sells the stock, he or she could avoid paying capital gains tax altogether. As always, be sure to discuss creative strategies like this with your tax professional to ensure this is a good move for both you and the recipient of the gift.  

4. Direct payment for tuition or health care expenses

Direct payments for certain medical and educational expenses are exempt from the $15,000 gift tax exclusion amount. For example, if a grandmother wishes to pay for her granddaughter’s college tuition bill of $10,000 but also wants to gift her $15,000 as a graduation gift to be used for the down payment of a home, she can pay the $10,000 tuition bill directly to the school and still preserve the $15,000 gift exclusion amount. This same rule applies to many medical costs. 

For those who are charitably inclined, gifting highly appreciated stock or securities directly to a 501(c)(3) or Donor Advised Fund is a great strategy to fulfill philanthropy goals in a very tax-efficient manner. For those over 70 ½, gifting funds through a Qualified Charitable Distribution (QCD) could also be a great fit. Gifting funds directly from one’s IRA can reduce taxable income flowing through to your return which will not only reduce your current year’s tax bill but could also lower help lower your Medicare Part B & D premiums, which are determined by your income each year.  

As you can see, there are numerous ways to gift funds to individuals and charitable organizations. There is no “one size fits all” strategy when it comes to giving – the proposed solution will have everything to do with your goals and the need of the person or organization receiving the gift. On behalf of the entire Center family, we wish you a very happy holiday season, please reach out to us if we can be of help in crafting your gifting plan for 2020!

Nick Defenthaler, CFP®, RICP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® Nick specializes in tax-efficient retirement income and distribution planning for clients and serves as a trusted source for local and national media publications, including WXYZ, PBS, CNBC, MSN Money, Financial Planning Magazine and OnWallStreet.com.

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This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Nick Defenthaler and not necessarily those of Raymond James. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Please note, changes in tax laws may occur at any time and could have a substantial impact upon each person's situation. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional. Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals of earnings are permitted. Earnings withdrawn prior to 59 1/2 would be subject to income taxes and penalties. Contribution amounts are always distributed tax free and penalty free. As with other investments, there are generally fees and expenses associated with participation in a 529 plan. There is also a risk that these plans may lose money or not perform well enough to cover educational costs as anticipated. Most states offer their own 529 programs, which may provide advantages and benefits exclusively for their residents. The tax implications can vary significantly from state to state. Donors are urged to consult their attorneys, accountants or tax advisors with respect to questions relating to the deductibility of various types of contributions to a Donor-Advised Fund for federal and state tax purposes. To learn more about the potential risks and benefits of Donor Advised Funds, please contact us.

How to Finish Financially Strong in 2020

No one could have predicted what 2020 had to offer. The stock market saw wild swings that hadn’t occurred since the 2008 recession. Concerns over Iranian tensions and an oil war quickly took a backseat as Covid 19 spread across the world. Many other notable things happened this year, but let’s discuss how you can end the year financially strong.

Here are the top 8 tips from our financial advisors.

1. Consider rebalancing your portfolio.

The stock market’s major recovery since March may have left your portfolio overweight in some areas or underweight in others. Be sure that you’re taking on the correct amount of risk by rebalancing your long-term asset allocation.

2. Assess your financial goals.

Starting now, assess where you are with the financial goals you’ve set for yourself. Take the necessary steps to help meet your goals before year-end so that you can begin 2021 with a clean slate.

3. Know the estate tax rules.

For those with estates over $5M, be sure to review your potential estate tax exposure under both a Republican and Democrat administration.

4. Review your employer benefits package and retirement plan.

Open enrollment runs from Nov. 1 through Dec. 15. Review your open enrollment benefit package and your employer retirement plan. Don’t gloss over areas such as Group Life and Disability Elections as most Americans are vastly underinsured. Many 401k plans now offer an “auto increase” feature which can increase your contribution 1% each year until the contribution level hits 15%, for example.  

5. Take advantage of tax planning opportunities.

Such as tax-loss harvesting in after-tax investment accounts or Roth IRA conversions. Many folks have a lower income in 2020 which could present an opportunity to move some money from a traditional IRA to a Roth IRA while in a slightly lower tax bracket.

6. Boost your cash reserves.

It’s so important to have cash savings to cover unexpected expenses or income loss. Having a solid emergency fund can prevent you from having to sell investments in a down market or from taking on high-interest debt. Ideally, families with two working spouses should have enough cash to cover at least 3 months of expenses. While single income households should have cash to cover six months. Take the opportunity to review your budget and challenge yourself to find additional savings each week through year-end.

7. Contribute more to your retirement plan.

Increase your retirement account contributions for long-term savings, great tax benefits, and free money (aka an employer match).

Contributions you make to an employer pre-tax 401k or 403b are excluded from your taxable income and can grow tax-deferred. Roth account contributions are made after-tax but can grow tax-free.

If your employer plan and financial situation allow for it, you can accelerate your savings from now until the end of the year by setting your contribution level to a high percentage of your income.  Many employers allow you to contribute up to 100% of your pay.

8. Give to charity.

Is there a charity you would like to support? Make a charitable donation! Salvation Army and Toys for Tots are popular around this time.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of the author and not necessarily those of Raymond James. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Rebalancing a non-retirement account could be a taxable event that may increase your tax liability. Conversions from IRA to Roth may be subject to its own five-year holding period. Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals of contributions along with any earnings are permitted. Converting a traditional IRA into a Roth IRA has tax implications. Investors should consult a tax advisor before deciding to do a conversion. Matching contributions from your employer may be subject to a vesting schedule. Please consult with your financial advisor for more information. 401(k) plans are long-term retirement savings vehicles. Withdrawal of pre-tax contributions and/or earnings will be subject to ordinary income tax and, if taken prior to age 59 1/2, may be subject to a 10% federal tax penalty. Contributions to a Roth 401(k) are never tax deductible, but if certain conditions are met, distributions will be completely income tax free. Unlike Roth IRAs, Roth 401(k) participants are subject to required minimum distributions at age 72.

HEROES CAMPAIGN: “HAVEN”

Contributed by: Center for Financial Planning, Inc.®

The Center’s Hero Campaign aims to spotlight local nonprofits amid the COVID-19 outbreak. Our goal is to raise awareness and support the community. This is our 4th post in the Q+A series featuring HAVEN. 

What is your nonprofit?

HAVEN is the only agency in Oakland County that provides comprehensive services to survivors of domestic violence and sexual assault. Our mission is to empower survivors, spread awareness, and prevent violence. We provide services through an innovative model that fully integrates our residential, counseling, advocacy, and educational programs under one roof. Each year, HAVEN serves about 30,000 people through a wide range of empowerment-based programs and services.

Who do you serve? 

HAVEN provides free services to survivors and their children. Although HAVEN is located within Oakland County, our services are available to survivors no matter their current residency. Approximately 35% of our residents come from Detroit.

How have the communities you serve been impacted by COVID-19? 

COVID-19 has greatly increased the lethality for many survivors. Due to the Stay Home, Stay Safe order, many survivors have been forced to quarantine with their abusers. We haven’t experienced a decrease in calls, which signifies that the survivors in our community are still in need of the critical and necessary services that we provide.

How has your nonprofit been impacted by COVID-19?

Like most organizations, HAVEN has been impacted, but the dedication of our staff and the outpouring community support has been beneficial. The majority of our staff is working remotely. Some are still meeting with clients in-person while following social distancing guidelines. We’ve transitioned many of our programs to telehealth, via phone or video conference.

What can people and businesses do to support your organization and nonprofits generally during this unique environment?

During this time community supporters can donate monetarily directly on our website. Critical need items are needed as well, such as cleaning products, masks, sanitizing wipes, hand sanitizer, Kleenex or items from our General Wish-List.

Read more blogs in this series:

1. Beyond Basics

2. MOTCC

3. Focus: HOPE

HEROES CAMPAIGN: "MOTCC"

Contributed by: Center for Financial Planning, Inc.®

The Center’s Hero Campaign aims to spotlight local nonprofits amid the COVID-19 outbreak. Our goal is to raise awareness and support the community. This is our 3rd post in the Q+A series featuring the Michigan Opera Theatre Children’s Chorus (MOTCC).

What is your nonprofit?

Michigan Opera Theatre Children’s Chorus (MOTCC) is a world-class training program that provides exceptional choral music and theatrical performance instruction in a professional environment to young people. Each season, MOTCC produces two major performances on the Detroit Opera House stage: A Winter Fantasy, the annual December showcase concert, and a full-scale opera in the spring, which is performed solely by the children’s chorus. Frequently, opportunities arise for choristers to perform with the Michigan Opera Theatre (MOT) mainstage international singers, directors, and conductors too. Many of our MOTCC alumni have gone on to prestigious conservatories and universities majoring in vocal performance or musical theater. Some have already established distinguished careers in music. 

Who do you serve? 

MOTCC offers this unique training program to 80 boys and girls with unchanged voices ages 8-16 years old from the five southeast Michigan counties, as well as Windsor, Ontario. Through our concerts and opera performances, we serve audiences of all ages throughout lower Michigan. MOTCC opera has become an annual tradition and a popular field trip for teachers wishing to introduce children to opera and live theater. What makes this experience even more significant is that all the lead roles and chorus are sung by children. Each show attracts more than 2,000 students not only from southeast Michigan but many other cities within a 100-mile radius. 

How have the communities you serve been impacted by COVID-19? 

In mid-March 2020, all rehearsals and performances of the children’s chorus had to abruptly halt due to COVID-19. This meant that not only were the individual MOTCC members impacted by the cancellation, but also the audience members who were to attend our opera The Very Last Green Thing. MOTCC received grants for tickets and buses for under-served students to attend the children’s opera free of charge. The cancellation resulted in a missed opportunity for those children. 

How has your nonprofit been impacted by COVID-19? 

Due to forced closure and social distancing, MOTCC created a 30-minute virtual opera performance of The Very Last Green Thing and presented it on MOT’s and MOTCC’s Facebook pages and websites. This project gave our choristers an opportunity to use the musical training they gained through MOTCC and the ability to express themselves artistically in a different medium. Since it was a free performance, we were not able to make up lost revenue that we would have earned in a live performance. Additionally, we had to issue refunds to our ticket holders for the canceled staged version. Currently, we are unable to announce auditions, rehearsal schedules, or commit to any production for next season due to government guidelines for public health.

What can people and businesses do to support your organization and nonprofits generally during this unique environment?

Making a donation will help MOTCC’s ability to continue to offer our music education program. With social distancing and in consideration that singers are potentially “super spreaders” of COVID-19, MOTCC may not be able to offer in-person training unless precautions through government guidelines are met. Many of these guidelines will require additional funding to provide a safe environment for our singers and staff. If we cannot have in-person contact, we will need to adapt this program for digital student engagement and distribution. The curriculum will include more individual musical instruction from our directors, conductors, and voice and dramatic instructors and require more online platforms. Your donations will subsidize the cost of this adapted program to fit government requirements for safe program delivery and keep the cost of the tuition affordable. It also supports our scholarship fund and removes the barrier for low-income families so their children may participate with full-tuition scholarships. 

MOTCC’s goals are to provide unique educational opportunities that:

• Create high-quality opera and cultural arts experiences that are accessible, affordable, and engaging for schoolchildren

• Tap the children’s creativity and imagination

• Inspire the next generation of artists, and opera and cultural arts audiences.

We appreciate all your support in helping us reach our goals!

Click to view the virtual performance of The Very Last Green Thing

Read more blogs in this series:

1. Focus: HOPE

2. Beyond Basics

3. HAVEN

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The Michigan Opera Theater Children's Chorus (MOTCC) is not affiliated with or endorsed by Raymond James. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.

HEROES CAMPAIGN: “Beyond Basics”

Contributed by: Center for Financial Planning, Inc.®

The Center’s Hero Campaign aims to spotlight local nonprofits amid the COVID-19 outbreak. Our goal is to raise awareness and support the community. This is our 2nd post in the Q+A series featuring Beyond Basics.

What is your nonprofit?

Beyond Basics is a 501(c)(3) literacy nonprofit dedicated to one-on-one reading intervention and holistic literacy enrichment programs for students and families in Metro Detroit. Our proven methods have unlocked the miracle and power of reading and opened a whole new world and future to those who need it most. We developed this model by partnering with principals and schools in Detroit since 2002, to work with children who were farthest behind to get them reading at grade level. Our holistic literacy programming also engages mentors, art and writing to help students in vulnerable communities learn to read. This intervention has transformed thousands of lives.

Illiteracy is a silent epidemic, yet America's most solvable disability. It is a crisis because it has gone unaddressed for decades, leaving thousands of children attending school each day who can’t read. The good news is there is a solution. While low literacy levels can be found at all income levels and backgrounds, poor and minority students are more likely to be affected. Beyond Basics sets up our programming in the communities that need it most. 

Who do you serve? 

Students and adults in Metro Detroit —including Detroit, Pontiac, and Taylor. We serve students of all ages (from elementary through high school). We also have recently opened at Family Literacy Center in the Durfee Innovation Society to reach those in neighboring communities that need help with literacy.

How have the communities you serve been impacted by COVID-19? And how has it impacted your nonprofit?

The pandemic has closed schools (which is where we typically saw our students), as well as causing high levels of unemployment, illness, and deaths. The students have been subject to great change during these unprecedented times.

Our nonprofit has been impacted as well. We had to convert our tutoring system into an online platform quickly, so that we could reach our students. It was crucial for us to continue to deliver literacy intervention to the students that need it most.  

What can people and businesses do to support your organization and nonprofits generally during this unique environment?

You can support our organization, and other nonprofits, financially by funding our online tutoring program and families with financial hardship.  Donate here.

Read more blogs in this series:

1. Focus: HOPE

2. MOTCC

3. HAVEN

HEROES CAMPAIGN: “Focus: HOPE”

Contributed by: Center for Financial Planning, Inc.®

The Center’s Hero Campaign aims to spotlight local nonprofits amid the COVID-19 outbreak. Our goal is to raise awareness and support the community. This is our 1st post in the Q+A series featuring Focus: HOPE.

What is your nonprofit & who do you serve? 

Focus: HOPE is a nationally renowned civil and human rights organization and a trusted member of the community for five decades. Founded in 1968 by Father William Cunningham and Eleanor Josaitis, Focus: HOPE provides an intergenerational, holistic mix of services to disrupt the effects of racism, poverty, and other forms of social injustice in southeast Michigan.

Early Learning

Focus: HOPE Early Learning aims to build a cradle to career pipeline of opportunity by providing quality early childhood education for newborn to five-year-olds through evidence-based models. More than 244 students and their families are educated and supported by our Early Learning programs.

Youth Development

Youth Development includes education, recreation, social justice, and leadership development activities for more than 250 students - including a 21st Century Community Learning Center, Excel Photography, summer camp, and Generation of Promise.

Workforce Development

With an extraordinary record of success in working with underserved and underrepresented adults in Southeast Michigan — having trained over 500 students in 2019 — we offer high-quality work readiness, pre-apprenticeship, and apprenticeship programs in a range of in-demand career fields.

Food Justice

Our Food Program provides 41,000+ low-income seniors with monthly food packages to assist with independence and healthy living while addressing basic needs. Our program also provides important infrastructure for health screenings, income support, and tax preparation for seniors and the community at large.

Advocacy, Equity & Community Empowerment

Focus: HOPE pursues leadership as an antiracism organization by advocating for systems change, and by integrating racial equity and community empowerment offerings across all program areas. Focus: HOPE serves as a one-stop hub providing financial coaching, free tax prep, utility payment assistance, on-campus DHHS access, health screenings, a clothing closet, peer support circles, and more.

How have the communities you serve been impacted by COVID-19? And how has it impacted your nonprofit?

Focus: HOPE was founded to unite the community at a critical time. We remain committed to living out our mission to overcome racism, poverty, and injustice – no matter what. Programming has evolved due to the crisis, but we’re still serving more than 42,000 community members every month. 

• Our Food for Seniors program has shifted to a contactless pickup system – staff place food boxes directly into seniors’ cars. We’re also making more home deliveries, so seniors can stay safe at home.

Early learning students are receiving virtual home visits to make sure they and their families are getting the support they need (including food and diapers), and teachers are sharing educational content students can work on at home. 

• Workforce development training has moved online too. Some classes have been able to transition to fully online instruction, and all students have access to e-learning resources and virtual support. 

Additionally, Focus: HOPE is committed to using our assets and abilities to support our community’s current needs. Special initiatives include: 

• Manufacturing face shields and masks through our 3D-printing capabilities

• Distributing cash payments to support local families’ economic stability

• Equipping our IT graduates to assist companies in adjusting to remote work

• Assisting community members navigating the unemployment process

What can people and businesses do to support your organization and nonprofits generally during this unique environment?

Even COVID-19 can’t stop our mission of intelligent and practical action to overcome racism, poverty, and injustice - and we’d be honored if you’d join us with your support.

Give

Donate to support our work with individuals and families throughout Southeast Michigan during this crisis. Give here.

Volunteer

There is a great need for volunteers to pack boxes and deliver food to seniors. We provide masks and gloves and strictly follow social distancing guidelines. Learn more and sign up here.

Start Your Fundraiser from Home!

Create a fundraising page to support our COVID-19 response efforts.

Read more blogs in this series:

1. Beyond Basics

2. MOTCC

3. HAVEN

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Raymond James is not affiliated with and does not endorse the opinions or services of Focus: HOPE. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.

If I Don’t Have To Take A Withdrawal From My IRA This Year, Can I Still Give To Charity?

Contributed by: Jeanette LoPiccolo, CRPC®

With the recent passage of the CARES Act, IRA owners (over the age of 70 ½) are not required to make a minimum distribution in 2020. While some folks may wish to continue their IRA withdrawals for cash flow or tax planning reasons, others may wish to skip IRA withdrawals.

The good news: If you are over age 70 ½ and want to make donations to charity, Qualified Charitable Distributions (QCD) continue to be a great strategy for 2020. Simply contact your Client Service Associate to get the process started.

QCD Refresher

The QCD, which applies only if you’re at least 70 ½ years old, allows you to directly donate up to $100,000 per year to a charity. Normally, any distribution from an IRA is considered ordinary income from a tax perspective; however, when the dollars go directly to a charity or 501(c)3 organization, the distribution from the IRA is considered not taxable.

If you are not sure how much you can afford to give to charity this year, simply ask your financial planner to review your plan and make a recommendation.

Jeanette LoPiccolo, CFP® is an Associate Financial Planner at Center for Financial Planning, Inc.® She is a 2018 Raymond James Outstanding Branch Professional, one of three recognized nationwide.

The SECURE Act Changes the “Stretch IRA” Strategy for Beneficiaries

Contributed by: Robert Ingram, CFP®

It’s hard to believe that we’re nearly two months into the New Year. As people have had some time to digest the SECURE Act, which was signed into law in late December, our Center team has found that many clients are still trying to understand how these new rules could impact their financial plans. While several provisions of the Act are intended to increase retirement savers’ options, another key provision changes the rules for how non-spouse beneficiaries must take distributions from inherited IRAs and retirement plans.

Prior to the SECURE Act taking effect January 1st of this year, non-spouse beneficiaries inheriting IRA accounts and retirement plans such as 401ks and 403(b)s would have to begin taking at least a minimum distribution from the account each year. Beneficiaries had the option of spreading out (or “stretching”) their distributions over their own lifetimes.

Doing so allowed the advantages of tax deferral to continue for the beneficiaries by limiting the amount of distributions they would have to take from the account each year. The remaining balance in the account could continue to grow tax-deferred. Minimizing those distributions would also limit the additional taxable income the beneficiaries would have to claim.

What has changed under the ‘SECURE Act’?

For IRA accounts and retirement plans that are inherited from the original owner on or after January 1, 2020:

Non-spouse beneficiaries who are more than 10 years younger must withdraw all of the funds in the inherited account within 10 years following the death of the original account owner.

This eliminates the non-spouse beneficiary’s option to spread out (or stretch) the distributions based on his or her life expectancy. In fact, there would be no annual required distributions during these 10 years. The beneficiary can withdraw any amount in any given year, as long as he or she withdraws the entire balance by the 10th year.

As a result, many beneficiaries will have to take much larger distributions on average in order to distribute their accounts within this 10-year period rather than over their lifetime. This diminishes the advantages of continued tax deferral on these inherited assets and may force beneficiaries to claim much higher taxable incomes in the years they take their distributions.

Some beneficiaries are exempt from this 10-year rule

The new law exempts the following types of beneficiaries from this 10-year distribution rule (Eligible Designated Beneficiaries). These beneficiaries can still “stretch” their IRA distributions over their lifetime as under the old tax law.

• Surviving spouse of the account owner

• Minor children, up to the age of majority (however, not grandchildren)

• Disabled individuals

• Chronically ill individuals

• Beneficiaries not more than 10 years younger than the original account owner

What if I already have an inherited IRA?

If you have an inherited IRA or inherited retirement plan account from an owner that died before January 1st, 2020, don’t worry. You are grandfathered. You can continue using the stretch IRA, taking your annual distributions based on the IRS life expectancy tables.

Your beneficiaries of the inherited IRA, however, would be subject to the new 10-year distribution rule.

What Are My Planning Opportunities?

While it still may be too soon to know all of the implications of this rule change, there are number of questions and possible strategies to consider when reviewing your financial plan. A few examples may include:

• Some account owners intending to leave retirement account assets to their children or other beneficiaries may consider whether they should take larger distributions during their lifetimes before leaving the account to heirs.

• Roth IRA Conversions could be a viable strategy for some clients to shift assets from their pre-tax IRA accounts during their lifetimes, especially if they or their beneficiaries expect higher incomes in future years.

• For individuals age 70 ½ or older, making charitable gifts and donations directly from your IRA through Qualified Charitable Distributions (QCD) could be even more compelling now.

• Clients with IRA Trusts as part of their estate plan should review their documents and their overall estate plan to determine if any updates are appropriate in light of the this new 10-year rule.

It’s important to remember that your individual situation is unique and that specific strategies may not be appropriate for everyone. If you have questions about the SECURE Act or you’re not sure what these changes mean for your own plan, please don’t hesitate to contact us!

Robert Ingram, CFP®, is a CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® With more than 15 years of industry experience, he is a trusted source for local media outlets and frequent contributor to The Center’s “Money Centered” blog.

Webinar in Review: Year-End Tax and Planning Strategies

Contributed by: Robert Ingram, CFP®

With 2019 winding down and the holidays right around the corner, it’s understandable when our personal finances don’t always get our full attention this time of year. However, you should keep several important and timely tax and financial planning strategies top of mind before the year ends. During this 60-minute discussion, we will cover the following topics and more:

•       Tax planning strategies to consider for your investments and retirement accounts

•       Charitable giving in light of the recent tax law changes

•       Retirement planning tips and updates on 2020 contribution limits

If you weren’t able to attend the webinar live, we’d encourage you to check out the recording below.

There are time stamps provided so you can fast-forward to the topics you are most interested in.

• 3:00- Medicare Overview

• 6:30- Required Minimum Distributions (RMD)

• 12:00- Tax Reform Refresher & Income Tax Brackets

• 22:00- Long Term Capital Gains Rates

• 23:30- Efficient Charitable Giving & Donating Appreciated Securities

• 34:00- Roth IRA Conversions

• 41:00- Tax Efficient Investing & Tax Loss Harvesting

• 46:00- Employer Retirement Plans

• 49:00- Health Savings Accounts (HSA)

• 54:00- Gifting Ideas

Robert Ingram, CFP®, is a CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® With more than 15 years of industry experience, he is a trusted source for local media outlets and frequent contributor to The Center’s “Money Centered” blog.

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Changes in tax laws may occur at any time and could have a substantial impact upon each person's situation. While familiar with the tax provisions of the issues to be discussed, Raymond James and its advisors do not provide tax or legal advice. You should discuss tax or legal matters with the appropriate professional.

Webinar in Review: What Donors Want

Contributed by: Jaclyn Jackson

If your nonprofit hopes to develop meaningful relationships with donors, this webinar recording is for you. Learn what donors want to know before working with charities, how to make it easier for donors to support your work, and why endowments are important for meeting your organization’s goals.

If you missed the webinar, here’s a recording:

Check out the time stamps below to listen to the topics you’re most interested in:

0:00 Intro and Agenda

What Donors Want to Know:

• 2:30 Grant Review Feedback

• 09:20 Financial Review Feedback

Make it Easier for Individual Donors to Support Your Work:

• 15:00 Donor Advised Funds

• 17:00 Qualified Charitable Distributions

Meeting Your Organizations Goals:

• 19:00 Endowments

• 22:00 Working with Financial Advisors