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We have a complete tax update service for CPAs, attorneys, CLUs, CFPs, ChFCs, trust officers and other professional friends. The GiftLaw services are made available to all advisors as a free service. We are available to assist in helping you provide clients with clear and understandable gift illustrations. More
As the House Ways and Means Committee staff continues to draft a massive tax reform bill, a new proposal could expand charitable giving. This week, Rep. Mark Walker (R-NC) introduced the Universal Charitable Deduction Act (UCDA).
The UCDA proposes allowing "above the line" charitable deductions in an amount equal to up to one third of the new standard deduction. If the standard deduction is increased from $12,700 for married couples to a proposed level of $24,000, then couples who take the standard deduction could also deduct up to $8,000 in charitable gifts. The deduction limits are lower for single persons, but they also would be able to take both the standard deduction and charitable gift deduction.
With the existing standard deduction, about 30% of taxpayers itemize and may deduct cash gifts each year up to 50% of adjusted gross income. However, the proposed tax bill would double the current standard deduction. If a larger standard deduction passes, there will be fewer taxpayers who itemize... More
The GiftLaw Calculator is a planned gifts calculator for professionals that follows the IRS format. Click here to access and run charitable deduction calculations for your favorite gift plan... View Presentation
Lucky Lucy Lindstrom finished college and headed west. She started as a financial analyst with a large company in Seattle. After just four years, she became a Registered Investment Advisor (RIA) and... More
Grantor, as settlor and trustee, created a charitable lead annuity trust (Trust). Grantor sought approval to amend Trust's agreement, which would convert Trust from a non-grantor lead trust to a... More