Charitable Contributions from an IRA
If you are over age 70½ and have a traditional IRA, you may make up to $100,000 of donations directly to charity with no income recognition.
In the proper circumstances, this can be a very unique planning opportunity.
2020 Federal Estate Tax Exemption Update
For the estates of decedents dying in 2020, the federal estate tax basic exclusion amount has been increased from $11.4 million to $11.58 million. This change increases not only the basic exclusion amount available at death, but also a taxpayer’s lifetime gift tax basic exclusion amount and generation-skipping transfer tax exemption amount.
We strongly recommend that high net worth individuals consider taking advantage of the unique planning opportunities available with this exemption amount.
This post was written by Larry Blair
