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Posts Tagged ‘financial planners’
Future of Estate Taxes
Saturday, August 15th, 2009
Legislative gurus, estate attorneys, and financial planners are bustling about the estate tax’s future. A lot of people already know that under the 2001 EGTRRA (Economic Growth and Tax Relief Reconciliation Act), federal estate tax changed almost annually for the past few years. In fact, it’s most likely to phase out entirely next year but will come back in 2011 if things don’t change in Washington.
Currently, estate tax exclusion rests at $3.5 million (for married couples, $7 million) and top tax rate is at 45%. When federal estate tax goes back in 2011, the exclusion would drop back - $1 million for individuals and $2 million for married couples, with top tax rate rising to 55%.
Today, most experts would agree that estate taxes are here to stay considering that budgetary challenges occupy congress and the current administration. Also, economic crisis is still underway. Legislation has been introduced to keep exclusion at current levels and marry this exclusion to lifetime gift tax exemption.
At this point, it’s still too early to tell the ultimate fate of the current proposal and all others that are bound to be proposed during the coming months. In the meantime, those in the know solidly believe that it’s important to revisit your current estate plan as well as undertake proactive tax planning.
Tags: attorneys, EGTRRA, estate attorneys, estate plan, estate tax, federal, financial planners, legislation, legislative gurus, proposal, tax planning, Washington
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Agencies Seek Aid and Share Needs
Tuesday, July 7th, 2009
At the summit called “Behind the Front Lines,” several directors from local nonprofits have stressed to financial planners that depth of need is not met locally due to budget cuts and flagging economy. The summit was presented by Planned Giving Council of Southwest Florida and Manatee Community Foundation. It was a chance for the leaders of nonprofits to connect with a lot of financial planners, who typically help clients make the right choice in charitable giving (some lawyers can also help in this area).
Social services tend to hype their organization efficiency and the quantity of aid they provide because political support and government funding are on the line. According to Laurel Lynch, Hope Family Services executive director, “The demand is so high yet resources are not keeping up.”
Directors of Manatee Glens, Hope Family Services, Community Coalition on Homelessness, St. Joseph’s Food Pantry, and Meals on Wheels PLUS made five-minute presentations on the state of their community and agencies. To take a snapshot, 2,075 children were homeless from birth until 18 years old during the past year, and Manatee Glens is giving addiction services and mental health in one out of every 30 families.
Hopefully, the testimonials have made an impact on those financial planners in attendance. And after the summit, the people have understood that there is a need affecting the whole community.
Tags: Behind the Front Lines, directors, financial planners, Laurel Lynch, lawyers, nonprofits, Planned Giving, summit
Posted in Planned Giving | No Comments »