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A discussion of the new tax laws, effective 01/01/13, and the benefits of charitable planning

A discussion of the new tax laws, effective 01/01/13, and the benefits of charitable planning

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    Nae 2013-01-30-slides final Nae 2013-01-30-slides final Presentation Transcript

    • Update  on  Planning     or,  What  Do  I  Do   Now?  Presented by !
    • What  is  Estate  Planning?   Tax, Probate! Growth! Assets! Family! Me! 1! 2!
    • What  is  Estate  Planning?   Me! Family! Assets! Growth! Tax, Probate! 2! 3!
    • Where  We  Are  Now  •  American  Taxpayer   Relief  Act  of  2012   –  Rules  are  now   “permanent”  (that  is,   un5l  Congress  changes   its  mind)   3!
    • Where  We  Are  Now  (Con’t)  •  Income  Tax   –  “Bush  Era”  individual  income  tax  rates  have  been   preserved   –  Unless  your  AGI  exceeds  $450,000  (married)  or   $400,000  (single)  •  AlternaHve  Minimum  Tax   –  Exemp5on  for  AGI  of  $78,750  (married)  or   $50,600  (single)   –  Finally  indexed  for  infla5on   4!
    • Where  We  Are  Now  (Con’t)  •  Capital  Gains  Taxes   –  The  lower  “Bush  Era”  capital  gains  tax  rates  have   been  preserved   –  Unless  your  AGI  exceeds  $450,000  (married)  or   $400,000  (single)  •  Medicare  surtax   –  Starts  this  year   –  3.8%  on  net  investment  income  if  AGI  exceeds   $250,000  (married)  or  $200,000  (single)   5!
    • Where  We  Are  Now  (Con’t)  •  Transfer  Tax  Rules   – “Permanent”  (un5l  Congress  changes  things)   – $5,250,000  exclusion/person   – $5,250,000  exclusion  for  life5me  giWs/person   – $5,250,000  exclusion  for  genera5on-­‐skipping  giWs/ person   – $14,000  annual  exclusion/recipient   All  indexed  for  infla.on   6!
    • Where  We  Are  Now  (Con’t)  •  Transfer  Tax  Rules   –  “Portability”   •  Spouses  can   protect  up  to   $10,500,000  from   transfer  taxes   •  More  if  you  die,   remarry  in  the   right  order   7!
    • How  Much  Have  Things     Really  Changed?  •  In  some  ways,  not  so  much   –  You  s5ll  plan  to   •  Protect  yourself   •  Protect  your  family   •  Protect  your  legacy  •  Two  big  differences   –  Do  you  s5ll  need  tradi5onal  “A-­‐B”  trust  planning?   –  A  charitable  giW  is  worth  more  now   8!
    • So  What  Does  This  Mean?  (Con’t)  •  Do  you  sHll  want  “A-­‐B”   trust  planning?   –  Complexity   –  Asset  protec5on   –  Remarriage  protec5on   –  Preserving  portability   9!
    • So  What  Does  This  Mean?  (Con’t)  •  A  charitable  giU  is   worth  more  now   –  Offset  poten5ally  higher   income  taxes   –  Offset  poten5ally  higher   capital  gains  taxes   –  Offset  poten5ally  higher   transfer  taxes   10!
    • Yes,  But  I  Want  More     Than  A  Tax  DeducHon  •  I  want  to  dispose  of  difficult  assets   –  Re5rement  accounts   –  No  longer  needed  life  insurance   –  Highly  appreciated  property  •  Tools  to  help   –  Charitable  giWs  of  re5rement  accounts   –  Charitable  giWs  of  highly  appreciated  property   11!
    • Yes,  But  I  Want  More     Than  A  Tax  DeducHon  (Con’t)  •  I  want  a  steady  stream   of  income  •  Tools  to  help   –  Charitable  giW  annuity   –  Charitable  remainder   trust   12!
    • Yes,  But  I  Want  More     Than  A  Tax  DeducHon  (Con’t)  •  I  want  to  control  my   legacy  now  and  aUer  I   die  •  Tools  to  help   –  Donor-­‐advised  fund   –  Suppor5ng  organiza5on   –  Private  founda5on   13!
    • Yes,  But  I  Want  More     Than  A  Tax  DeducHon  (Con’t)  •  I  like  charitable  giving  well  enough,  but  I  want  it   all  to  go  to  my  family  •  Tools  to  help   –  Charitable  lead  trust  planning   –  Life  insurance  •  I  want  to  do  good   –  All  charitable  giving  will  help  with  this   –  You  can  make  giWs  with  or  without  strings  aeached   –  Remember  NAE!   14!
    • The  Moral  of  the  Story  •  One  of  the  cool  things   about  estate  planning   is  we  usually  can   accomplish  all                         your  goals   15!
    • QuesHons   16!
    • What’s  The  Next  Step?   Jan  Copley   (626)  696-­‐3145   jan@pasadenalawgroup.com   NAE   Clare  Flanagan   Director  of  Planned  Giving   (202)  334-­‐1536     cflanagan@nas.edu   17!
    • Thank  You  70  South  Lake  Avenue  |  Suite  1000     Pasadena,  CA  91101     P  (626)  696-­‐3145   www.PasadenaLawGroup.com   18!