Many eyes are on the Charitable Act, which, if passed, would allow for deductible charitable contributions that exceed the standard deduction. The Charitable Act proposes to restore the pandemic-era “universal charitable deduction” and raise the cap from $300 for individuals ($600 for joint filers) to...
Whether you’re motivated to respond to needs created by a conflict, accident, or natural disaster, it’s human nature to want to help—especially through financial support. All too often, a tragic event occurs and is quickly publicized through news accounts or social media. Then, the dollars...
When you think about supporting your favorite charities or making contributions to your donor-advised or other type of fund at the McPherson County Community Foundation(MCCF), cash may be the first thing that comes to mind. It seems so easy to just write a check or...
Holidays and tax planning (although very different in the ways they are celebrated!) are both year-end traditions. No doubt (?) you’ve got the holidays covered, and perhaps your advisors are already helping you make sure your tax planning is in place. It’s a good idea...
You are not alone if you begin to feel a little anxious when October rolls around. Many people experience year-end stress, whether because of looming deadlines at work, tax-related estate planning cut-off dates, anticipating a busy holiday season of travel and social engagements, or simply the...
At the McPherson County Community Foundation (MCCF), we regularly talk with retirement-age donors and fund holders about the tax benefits of Qualified Charitable Distributions and leaving bequests of IRAs to a donor-advised fund at MCCF. But getting involved in philanthropy can be so much more...
It's that time of the year that donors will start to think about their end of year charitable gifting. Just like your family, companies think the same way. While most companies do give out donations to organizations they support some, like CHS and Edward Jones,...
Philanthropy means “love of humanity”—and, according to some, “philanthropy” includes acts that benefit both the giver and the receiver. This is surprising to some people who have been taught “it’s better to give than to receive.” Somehow we have popularized the idea that giving should “hurt.” But...
As you build your estate plan and consider how to provide for your adult children, keep in mind that naming children as the beneficiary of an IRA or other qualified plan probably is not something that should be automatic. For starters, if you are charitably-minded and have other...
Legislation known as SECURE 2.0 contained a dizzying array of changes to the laws governing retirement plans. Passed at the end of 2022, SECURE 2.0 is 130 pages long; overall, its purpose is to encourage more retirement savings through vehicles like employer-sponsored 401(k) plans. Lately, the buzz around...