Over 50% of our adult population (120 million adults) does NOT have a current or up-to-date estate plan to protect themselves and their family's assets; that can include half your family, friends, and associates.
H.R. 1337 –Legacy IRA Act was introduced and referred to the House Committee on Ways and Means. The purpose of the bill is to amend the Internal Revenue Code of 1986 to expand tax-free distributions from individual retirement accounts to include rollovers for charitable life-income plans for charitable purposes.
The rules prohibiting self-dealing are contained in Internal Revenue Code Section 4941. They are broad and complex and, unfortunately, they are often counter-intuitive. Being able to recognize when a self-dealing issue may be present is an essential skill for all planned giving professionals. You can help your donors and your organization avoid tax penalties by studying up on disqualified people and prohibited transactions. Jeffrey Davine's presentation at NCPP 2016, “Dealing with the Self-Dealing Rules,” addressed this very issue.
Find out how well you know the self-dealing rules.
The number of individuals supporting charitable organizations around the world appears to be shrinking. In Australia, a recent study found that 81% of Australian adults gave a total of $12.5 billion dollars to charities over 12 months in 2015/16, up from $7.7 billion in 2005. In 2016, the average donation was $764.08 and the median donation was $200. However, the research also pointed to a trend of fewer people giving more. While the percentage of people donating slightly decreased, the average donation increased in real terms by $210.16.
At the 2016 National Conference on Philanthropic Planning (NCPP), attendees learned many valuable techniques and skills in handling interactions with potential and current donors to their organizations. One session offered was “Pivoting - The Secret to Successfully Handling Difficult Donor Conversations” presented by Anne T. Melvin, Director of Training and Education, Harvard University. The following is a brief snapshot of that session.
It seems like a year since I wrote my last blog about “What We’ve Learned from Our Members”, but in reality it’s only been a few months. I guess it’s because from then until now, our rebrand has progressed at a rapid speed.