In our roundup for professional advisors, we explore charitable gift annuity, scams to beware of during tax season, gifts of real estate and more. Read below to stay in-the-know on industry news.
Roundup for Advisors
Article of the Month: Substantiation Requirements for Charitable Contributions
The Internal Revenue Service requires donors who claim charitable income tax deductions to substantiate the value of their charitable contributions. Donors may not understand the specific substantiation requirements when making charitable donations. The Service’s substantiation rules are strict, and if these rules are not closely followed, a donor may lose his or her entire charitable deduction. Advisors should be prepared to explain these requirements, guide their clients through the process of substantiating charitable gifts and work with charities to meet the Service’s requirements.
Personal Planner: Chronic Illness – Care of Your Property
If your clients have a chronic illness, they will need to care both for themselves and for their property. This article explains some of the specific preparations that are important to care for property. With a chronic illness, there is a higher probability that your clients will not be able to manage a property and will need assistance during your lifetime.
Financial Planning: Mortgage Rates Continue to Fall
Freddie Mac recently released it latest Primary Mortgage Market Survey and the report showed a decrease in mortgage rates. According to the company’s Chief Economist, “The drop in mortgage rates continues to stimulate the real estate market and the economy. Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months, while refinances surged to their highest share in three and a half years.”
Informational Videos: The What, When and Where of Wills
Are you looking for new ways to explain wills and living trusts to your clients? This set of videos will help your clients better understand the value of a will and how to prepare one with ease.