A Charitable Remainder Trust (“CRT”) is an irrevocable trust that provides income to the donor or other noncharitable beneficiaries for a specified period of time, with the remainder going to one or more charitable organizations upon termination of the trust. An important aspect of the CRT is that the trust itself is tax-exempt and the…

Is a Charitable Lead Trust (CLT) Right for Me? If you are charitably-inclined and wish to benefit your family, a CLT may be right for you. The main benefits of a CLT are the potential reduction in gift and estate taxes for the non-charitable beneficiaries and, in the case of a grantor trust, an upfront…

A private foundation is a type of non-profit, tax-exempt organization that is typically funded by an individual, family, or corporation to support charitable causes through grant making and allows donors to establish a philanthropic vehicle under their control to make grants in line with their charitable interests, while benefiting from tax advantages. Key Points: Private…

A Donor-Advised Fund (DAF) is a charitable giving account administered by a public charity that allows donors to make tax-deductible contributions and then recommend grants from the fund to qualified charitable organizations over time. Key Attributes: Donors contribute cash, securities, or other assets to a DAF account and receive an immediate tax deduction of up…

At 1919 Investment Counsel (“1919”), our clients who are interested in making a difference often ask us for advice on how to leave a philanthropic legacy. However, the tax rules and various types of vehicles for charitable giving are complex and not always easy to navigate. Below are some steps and considerations we take when…

Tax Changes Could Be on the Horizon – Managing Tax Risks in 2024’s Uncertain Environment A Brief Summary Many of the tax benefits enacted by the Tax Cuts and Jobs Act are scheduled to disappear on January 1, 2026.  Anyone seeking to take advantage of the current tax rules should start speaking to their financial…

IRA Owners Get More Tax Relief and Other “Fixes” If your head is spinning from all the changes to IRA rules in the last few years, you’re not alone. On December 20, 2019, Congress passed a sweeping retirement reform bill known as the SECURE Act, which changed the rules for retirement accounts in several important…