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A Planned Conversation: Working With Donors To Plan Their Legacy

norma

Norma Stanley enjoyed presenting “A Planned Conversation: Working with Donors to Plan their Legacy” during a program hosted by the Association of Fundraising Professionals, Central Florida Chapter and Partnership for Philanthropic Planning of Greater Orlando. Planned giving is a process that an individual can use to facilitate the fulfillment or his or her philanthropic wishes and to support his or her selected non-profits and charities. Types of planned gifts include: current gifts (outright gifts – such as cash, stock, real estate, tangible personal property), expectancies (a promise to make a gift in the future – such as a provision in a Will, Revocable Trust, Irrevocable Trust, beneficiary designations (IRA/401k/life insurance policy), and deferred gifts (irrevocable transfers not available until future date – such as charitable gift annuities and charitable trusts).  Norma also discussed who needs a planned giving program, the reasons for a planned gift, how to establish a planned giving program and how to market your planned giving program and organization. For more questions, please contact Norma Stanley. read more

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End of life care…who cares?

By Julia Frey.  When meeting with people to discuss estate planning for themselves and their families, often some of the hardest discussions are about “end of life”.   Now, we all hope that at our end of life we will go without any health concerns, without any lingering illnesses etc. but we just don’t know.  I recently read some statistics posted by “The Conversation Project” that stated that 90% of people think it is important to talk with their loved ones about their own wishes for end of life care —- but only 30% of people have actually had those discussions.  Similarly, 82% of people believe that they should put their wishes in writing — but only 23% have actually signed documents that deal with end of life care.  You don’t want to leave these decisions to chance, or to the government or to health care professionals who don’t know what you would have wanted.  So, I urge you to talk to your estate planning attorney and get your life-time documents (which include your end of life documents) in place.  I also urge you to talk to your parents and encourage them to do the same.  Take a look at www.theconversationproject.org as well and see if that helps you get the conversation started. read more

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Don’t Forget About Tangible Personal Property in Estate Plan

By Jason Palmisano

The disposition of a decedent’s tangible personal property has the potential to cause more animosity among the beneficiaries of an estate than the disposition of any other type of asset. Sibling rivalry, unresolved conflict, children from different marriages, step-parents, and in-laws can be a recipe for disaster when two (or more) beneficiaries want the same item of tangible personal property.  Hurt feelings are compounded because of emotional attachments to a particular item and the grieving of a loved one’s death.  The following are some practical steps to help minimize the risk of family disputes over tangible personal property: read more

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Time to Fess Up on Foreign Financial Accounts

By Jason Palmisano

The IRS wants to know if a taxpayer has financial interests outside of the United States to ensure the taxpayer is not hiding money for illicit purposes (i.e., money laundering, tax evasion, or funding terrorism).  As such, the IRS requires a Report of Foreign Bank and Financial Accounts (FBAR) to be filed with the U.S. Department of Treasury by any United States person if: read more