Leaving a Life Estate in the House to the Boyfriend

Estate planning for unmarried couples, whether they are of the opposite sex or the same sex, is challenging from a tax perspective. Upon the death of the first partner to die (we will call this person the “deceased partner”), his or her estate is not entitled to the benefit of the unlimited marital deduction from.. read more →

Even the Cat Lady Needs to Get a Receipt from the Charity

Under Internal Revenue Code Section 170, a person who volunteers services to a charitable organization is not entitled to deduct the value of those services on his or her income tax return. However, if the person volunteering for the charity incurs expenses in rendering those services, the unreimbursed expenses are deductible up to $250 without.. read more →

Avoiding Capital Gains Taxes By Borrowing A Charity’s Tax Exemption

It is important to be mindful of opportunities to minimize taxes and retain your hard earned money and assets for you and your family rather than sharing those assets with Uncle Sam. One such opportunity arises when you have appreciated capital assets (such as stock, mutual funds, bonds, real estate or collectibles) that you wish.. read more →

Charitable Giving Through a Donor Advised Fund or a Private Foundation

There are an abundant number of reasons why people make charitable gifts, which include supporting an important cause (such as ending world hunger, saving the environment, supporting the arts, providing help to those in need), teaching younger generations to make the world a better place, and obtaining a charitable income tax deduction. Once the decision.. read more →