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Many nonprofit supporters make gifts in December. These gifts often may be larger and are an excellent way to benefit a nonprofit. It is important to understand how to make a gift of cash or property and qualify for a deduction this year.
The basic rule is that a gift to a nonprofit is deductible when the property or cash is delivered to a charity. The delivery rules are dependent on the type of property...More
Case of the Week
Karl was a man with the golden touch. Throughout his life, it seemed every investment idea that he touched turned to gold. Karl’s passion was real estate and he was very successful in his investments.
Karl continued to buy and sell real estate at the age of 85. About three months ago, Karl discovered a great investment property. It was a “fixer-upper” commercial building in a great area....More
Private Letter Ruling
Decedent owned four traditional IRA accounts at death. Estate was listed as the designated beneficiary of all four IRAs. Under Decedent’s will, the Estate’s residue is transferred to Trust established by Decedent. Taxpayer, the surviving spouse, is a residuary beneficiary of a designated percentage of the Trust. Taxpayer, as sole executor of Estate,...More
Article of the Month
Commercial annuities are considered by many to be safe investments for individuals looking to secure a consistent source of income over extended periods, notably during retirement. A commercial annuity will typically provide financial security throughout an individual's lifetime, with the goal of alleviating concerns about depleting retirement savings.
Over time, however, an individual's finances may...More