December 2019 Roundup for Professional Advisors

Professional Advisors

In our roundup for professional advisors, we explore IRS appraiser qualifications, new SECURE Act that will encourage saving for retirement, and provide an article that you can share with your clients on how to fund a living trust. Read on to stay in-the-know on industry news.

Roundup for Advisors

Article of the Month: IRS Appraiser Qualifications

The Internal Revenue Service requires donors who claim charitable income tax deductions to substantiate the value of their charitable contributions. Charitable gifts of noncash assets valued in excess of $5,000 require a qualified appraisal for substantiation purposes. Find out more about the IRS’ requirements.

Personal Planner: How to Fund Your Living Trust

For clients who have moderate or larger estates, the revocable living trust can receive and own their property. Share this article with them so they can find out why a revocable living trust is a good centralized method for managing their property.

Washington News: Senate Passes SECURE Act to Encourage Saving for Retirement

By a bipartisan vote of 71 to 23 on December 19, 2019, the Senate passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The bill includes many provisions designed to facilitate and enhance retirement savings. These changes have bipartisan support and are helpful for workers who desire to save for retirement. This article details some of those changes.

Case of the Week: Lucky Lucy Pays Tax on “Northern Long Shot” Foundation Income

Lucky Lucy Lindstrom wanted to give stock to her private charitable foundation, but her attorney told her that private foundations must pay an excise tax on income. Lucy exclaimed, “What! Pay tax? This is a charitable foundation! Why should a charitable foundation have to pay tax? And how much tax will be paid?” This week’s case study examines the 2% tax that private foundations have to pay on their net investment income.