Charity and the Tax Code: The Best Strategies for the Current Economy and Financial Markets FLEXCAST

Overview

Charitable giving is an important part of tax planning and often the best plan changes with recent tax law. By keeping current, advisors can help their clients achieve the most optimal strategies for current economic and financial markets. This class is geared to trust and estate lawyers, financial advisors, CPAs and Trust Officers.

Highlights

Outright gifts and the income tax deduction. Donor advised funds. Testamentary IRA transfers. Gifts from trusts and estates, and the income tax deduction. Charitable gift annuities. SECURE Act.

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents and attorneys.

Objectives

IRC Section 170’s percentage limitations and traps. Annual charitable strategies, timing, and planning. Basics - IRC Section 642 (c) Deduction for amounts paid permanently set aside for a charitable purpose, IRC Section 2055. Types of gifts - Outright Gifts- Qualified charitable Distributions (QCDs) from an IRA, Testamentary gifts, Split-interest gifts, “Endowment-Type” gifts. Types of charities- “Public Charities”. Percentage Limitations. Contribution to “Private Charities”. Outright gifts and the income tax deduction- Higher standard deduction through 2025, timing itemized deductions, donating property, donating capital gain property, value of qualified charitable distributions. Testamentary IRA Transfers- Available options to transfer IRD assets of charity, passing IRD to charity- section 642(c),. Gifts from Trusts/Estates & the income tax deduction- Qualifying for the income tax deduction, IRC section 2055, computation, potential tax benefit of an inter vivos gift. Charitable Gift Annuities. Charitable Remainder Trusts (CRT)- Types of CRTs, Charitable remainder unitrust (CRUT), taxation of the doner & trust, taxation of distribution. Charitable Lead Trusts. IRAs and Charity- The SECURE Act, charitable remainder trusts as a beneficiary.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.