Do you know that the payments to your Charitable Remainder Trust (CRT) can pay for long-term care services and upon your death, any remaining balance can be distributed to a charity?
This is a great strategy for tax mitigation. Also, it allows you to make a donation to your favorite charity.
If you set up a Charitable Remainder Trust (CRT) it allows your funds to pay for your long-term care services while contributing to a charity and reducing the tax burden, simultaneously.
Setting Every Community Up for Retirement Enhancement.
Secure act 2020 Qualified Charitable Distributions & IRA’s – UPDATE SECURE ACT 2020
Qualified Charitable Distributions up t $ 100,000 per year can be distributed from your IRA for those reaching the age 70 ½. However, re Qualified Charitable Distributions (QCD) made after 2019, the $ 100,000 QCD limit for that year is reduced (but not below zero) by the aggregate amount of deductions allowed for prior tax years due to the aforementioned Secure Act change. What that means is the deductible IRA contributions made for the year you reach age 70 ½ and later years can reduce your annual QCD allowance.
Giving to charity can be a great way to make a difference, but did you know that you can leverage those dollars to provide a larger gift to the charity of your choice?
Life Insurance Used to Make Charitable Donations
Donors who wish to leverage their cash donations to charity can use Life Insurance to accomplish their goals. By either gifting a policy outright or naming a charity as beneficiary, they can provide the charity of their choice with a large sum of money and provide a lasting legacy for a cause they prefer.
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