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Check out the article for ALI CLE's Blog by Lawrence Katzenstein, who discusses charitable gift annuities and more! Lawrence will present ALI CLE’s upcoming webcast, Advanced Estate Planning Practice Update: Fall 2024, on September 18, 2024. Register here: https://lnkd.in/geEAPbpa #CLE #continuingeducation #annuities #estateplanning

By including charitable provisions in your estate plan, you can ensure your legacy extends far beyond your lifetime. Leaving a gift of 10% or more of the net estate value over the IHT threshold to charity can reduce the rate of Inheritance Tax payable on your estate from 40% to 36% #CharitableGiving #EstatePlanning #LeaveALegacy

2024 Year End Tax Planning Strategies: Review Charitable Giving * Make charitable contributions before December 31 to qualify for a deduction. * Consider a donor-advised fund if you want a tax deduction this year but haven’t decided where to donate yet. *If over 70½, you can make a qualified charitable distribution (QCD) from your IRA directly to a charity, reducing taxable income. Check out our latest blog for more strategies: https://lnkd.in/gPERdcYR

💕 What to bring to a funeral. Whether the funeral is large or small, it is important to know what items you should bring with you to avoid feeling uncomfortable at all times. You may want to bring the following. ✅ Tissues ✅ Flowers ✅ Charitable donation ✅ A story or memory about the deceased. ✅ Sympathy card ✅ Sunglasses or umbrella ✅ Guestbook (if you are the organiser) If there is a wake following the funeral service, you may want to ask the family if catering is provided. If there isn't, offer to prepare a dish for the wake. #NorwichFuneralDirectors #FuneralDirectors #PlanningAFuneral

What are the benefits in leaving money to charity in your Will? ➡️ Gifts in Wills are vital for charities to continue their important work. ➡️ Potential inheritance tax benefits. Read more here: https://lnkd.in/ehdVXUrU #Wills #Gifts #Charities #EstatePlanning

IRS Reminder: Tax-Free Charitable Donations from IRAs Key Highlights: - Up to $105,000 in tax-free donations (70½+ years old) - Counts toward Required Minimum Distribution (RMD) for 73+ years old - Direct transfer to qualified charity - $210,000 combined limit for eligible married couples - No itemizing required Act now! Contact your IRA trustee before year-end. #IRSwarning #TaxFreeDonations #IRA #CharitableGiving #RetirementPlanning"

Free Wills Month is a commendable initiative, offering individuals over 55 the opportunity to have simple Wills written or updated for free. This campaign, supported by well-respected charities, not only aids in ensuring one's wishes are respected but also encourages support for charitable causes, which depend significantly on legacies. However, a crucial aspect often overlooked in this process is the mental capacity assessment. Ensuring that a person has the mental capacity to make a Will is paramount, as its absence can lead to disputes and complications down the line, affecting both family and charities. Without clear evidence of mental capacity, Wills can be contested, leading to legal battles, strained family relationships, and potentially diverting resources away from the charitable intentions. It's essential for individuals taking advantage of Free Wills Month to consider undergoing a mental capacity assessment prior to drafting their Will. This step not only adds a layer of protection to the Will but also safeguards the interests of all parties involved—ensuring that the final wishes of the individual are honored without unnecessary conflict, and charities can benefit as intended. For more detailed information on Free Wills Month and its offerings, please visit their website at Free Wills Month.

Monthly Fun Fact about Estate Planning: Question: Why should you leave your IRA to a charity instead of leaving it to your heirs?  Answer: The charity will receive the asset tax-free, and your estate will be eligible for a charitable deduction. Your heirs will have to pay taxes when they take their withdrawals from the account. For more information, contact us at legacyinfo@heiferfoundation.org. 

What is a QCD and how does it work? A QCD is a Qualified Charitable Donation. This is a distribution directly from your IRA to a qualified charity. The money sent to the charity counts towards your required minimum distribution and does not count towards taxable income.    ·        Must be at least 70.5 years old ·        Must be a qualified charity ·        Maximum amount of $105,000 for 2024 QCDs may make sense for someone who has a required minimum distribution, is charitably inclined, and has enough income and assets to support their lifestyle expenses.  ·        Keep a record of the distribution, typically your detailed account activity statement ·        Request a letter of acknowledgment from the organization     This information is for general and educational purposes and is not intended as legal or tax advice. Nor is it intended to provide specific advice or recommendations for any individual or entity. To determine what is appropriate for you, please contact a Financial Professional. Information obtained from third-party sources is believed to be reliable but not guaranteed. File #7291731.1

If you value supporting good causes whilst looking to reduce your Inheritance Tax (IHT) bill, we have the perfect solution… 𝐋𝐞𝐚𝐯𝐞 𝐚 𝐜𝐡𝐚𝐫𝐢𝐭𝐚𝐛𝐥𝐞 𝐥𝐞𝐠𝐚𝐜𝐲 𝐢𝐧 𝐲𝐨𝐮𝐫 𝐰𝐢𝐥𝐥 📜 You can make supporting charitable causes part of your estate plan, by… ▶️ Donating cash or assets before you pass away ▶️ Leaving a portion of your estate to a charity of your choice in your will Charitable donations are not liable for Inheritance Tax (IHT) and could reduce your loved ones’ overall bill in two ways 👇 ➡️ It could bring the value of your estate under or closer to the IHT nil-rate bands and may lower a potential liability ➡️ If you leave at least 10% of your estate to charity, the rate of IHT on the remaining taxable estate falls from 40% to 36%, meaning you could support charitable causes and leave more behind for your loved ones. If you’d like to make sure the bulk of your money goes to loved ones (not HMRC) when you pass away, get in touch to discuss your estate plan. ☎️ 01925 595714 📧 hello@arcuswealth.co.uk