In this unprecedented time, citizens have been quick to expand their philanthropic focus and do whatever they can to help those hit hard by the COVID-19 pandemic and its financial fallout. The pandemic, and the philanthropic world’s response, has put one option in the spotlight: Donor-Advised Funds. While DAFs, as they are commonly known, have […]
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Some of the nation’s wealthiest families and individuals are among the most philanthropically inclined. Understanding that they did not achieve their level of success without a supporting cast, many families believe that it is important to give back to the communities and causes that are nearest to their hearts. The following are a few tax-related […]
The COVID-19 pandemic has put significant stress on the liquidity and profits of hedge funds, private equity/venture capital funds and their respective portfolio companies. On March 18, 2020, the Families First Coronavirus Response Act and on March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) were signed into law. Given […]
BY Adam Rubinfeld, ANCHIN PRIVATE CLIENT ’Tis the season for pumpkin spice, gingerbread, the winter holidays – and the last opportunity for charitable giving before the end of the year. This year-end is a particularly significant deadline for charitable giving because it marks the close of extended tax breaks provided by the Coronavirus Aid, Relief, […]
When a change in circumstances forces a change in responsibilities, sometimes the related parties are not necessarily ready to assume responsibility. In instances when the family member who typically takes care of the finances falls ill and is unable to continue, a child may need to step in. (This is a continuation of Part 1: […]
The Tax Cuts and Jobs Act, signed in December 2017, raised questions about how charitable gifts can be deducted. With the standard deduction limits for individuals and married couples nearly doubled under the new law, the financial incentive to donate has largely disappeared for most families. Of course, most people financially support charitable causes not […]
The Holiday Season is in full swing, and the end of the tax year is almost here. In our work with high-net-worth individuals and families, we have found this to be an essential time for our clients to revisit their planning and processes to make sure that they are approaching their tax and estate matters […]
Individuals may know Bitcoin as a volatile digital-based currency that has been attracting headlines, but in the IRS’ eyes, Bitcoin is considered property. Commentators have noted that Bitcoin represents a new type of asset class. For investors and philanthropists, the IRS classifi cation of Bitcoin as an asset class (and not as a currency) may […]
Many wealthy families find great meaning in giving to institutions that helped educate and deepen skills – the schools that provided them with a boost in their journey toward success. According to one survey, education-related donations are the second most popular among high net worth families, with an average gift size of $4.1 million. A […]
With year end right around the corner, Congress passed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). The act extended numerous tax breaks that had expired December 31, 2014, and the President signed it into law December 18. The new law is more significant than some tax “extenders” legislation in recent […]
