Planned Giving Newsletter
Do you have questions about estate planning? Planned giving? Your will? Each month, we feature new articles and interactive features. We also share news about the charitable endowments under the umbrella of Hindu Heritage Endowment.
The Iraivan Temple Endowment, fund #2, provides funds to maintain the Iraivan Temple and the surrounding grounds and buildings. Ten percent of the grants are given to charities.
For USA donors there are three key provisions of the CARES (Coronavirus Aid, Relief, and Economic Security) Act that relate to you which are set to expire at the end of 2020.
- A temporary suspension of required minimum distributions (RMD) for the 2020 tax year. Beginning in 2021, the RMD rules will return unless Congress takes further action. Donors 70½ or older can still make a gift from their IRA or name a nonprofit as a beneficiary.
- An expanded charitable giving incentive.
Taxpayers who take the standard deduction can make up to $300 in charitable cash contributions to qualified charities this year. Note that the $300 is per “tax filing unit,” so married couples filing jointly are limited to a deduction of $300.
- A lift on the cap on deductions for cash contributions.
Donors who itemize their deductions can deduct up to 100% of their adjusted gross income for cash contributions to qualified charities in 2020.
End-of-Year Planning Checklist
Don’t Forget These Important Actions
With this year’s challenges and accomplishments still fresh in your mind, now is a good time to review your estate and financial plans. To help you in this process, we have constructed the following checklist of actions for you to go over as the end of the year rolls closer.
- Review your current will and trusts. These may need to be updated because of major changes in your life, such as births, deaths, marriages or a move to a different state.
- Review the beneficiary designations for your life insurance and retirement plans to make sure your beneficiary isn’t someone who is now deceased or a former spouse.
- Make sure your durable power of attorney for health care and living will are current. These medical documents should be updated and on file with family members and health care providers. Discuss decisions regarding anatomical gifts with your family.
- Take inventory and make a written record of the contents of any safe-deposit box. Give a copy to a trusted family member and note any items you are holding for someone else that don’t belong to you.
- Name designated heirs to receive bank account proceeds at your death.
- Be sure you are comfortable with the guardian named in your will for those under your care, such as minor children or a loved one who is disabled.
- Make donations in honor of loved ones as meaningful holiday gifts. They can even result in tax benefits. Visit www.hheonline.org or contact us to learn more.
If you are interested in supporting Hindu Heritage Endowment with a tax-wise gift this year or through your estate, please contact us. We can help you find the right gift for you.
Don’t have an estate plan? Get started by visiting www.hheonline.org and clicking on “Gift Planning.”
How You Benefit From Your Generosity
When you donate to Hindu Heritage Endowment this year, depending on the gift arrangements you choose, you can:
© The Stelter Company: The information in this publication is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.
- Reduce your income taxes.
- Increase your spendable income.
- Eliminate capital gains tax.
- Attain no-cost, worry-free asset management.
Planned Giving Guidance
Community Property and Joint Tenancy: Why the Way You Hold Property Matters
The India Hindu Tribals Endowment
Provides funds to support schools in rural and tribal India
Family Life at Udayan Care
This eight minute film introduces the Udayan Care ghars, homes for displaced children in India
Estate Planning Toolkit
Download our toolkit to help with your estate and gift planning preparation. The Toolkit can help you save money in attorney's fees. New: Toolkit for Canadians now available.
Essentials of Financial & Estate Planning
In this animated short video we explain some basic essentials of financial & estate planning
What is an Endowment?
This 101 second animated video explains the three types of endowments