We ended our 2020 blogging on a more somber note. Seemed appropriate. Coincidently, this week’s blog falls on the Epiphany. I can’t think of a better way to start the new year than taking a moment to consider our blessings and good fortune.
Whether you are a believer in Christianity, or just respectful of others’ religious traditions, the Epiphany, or Three Kings Day, celebrates, in part, the arrival of the three wise men and the presentation of gifts to the baby Jesus. Growing up in the Cashman house, we had a Manger similar to the one you see in this photo. Mom hide the baby Jesus in a secret drawer until Christmas. On Epiphany the three wise men would arrive bearing gifts of gold, frankincense, and myrrh. Which then lead to the yearly question: “What exactly is myrrh again?”
It was a great holiday tradition. The Manger had been passed to my Mom from her parents, and now my sister sets it up each year with her children.
Epiphany also has a more common use in our language. It refers to an intuitive grasp of reality. And so, what a more perfect time of year to reflect on the epiphany of charitable giving and the passing on of family traditions.
Previously I blogged on the many ways you can use your legacy to pass on not only your wealth, but your values by sharing your charitable giving goals with your children and heirs. (November 6, 2019 Blog, Giving Back as Part of Your Estate Plan.) Please visit that article if you would like a refresher on the different methods of charitable giving that may be included in your estate plan.
This article briefly outlines how some of the recent changes in tax laws can assist you with charitable giving goals. The March 27, 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act, made certain changes to the tax code. Those changes include:
- Up to $300 “above the line” income adjustment for charitable contributions for those who take the standard deduction.
- Individual deductions of up to 100% of their 2020 AGI (up from 60%).
- Corporate deductions of up to 25% of taxable income (up from 10%).
Takeaway
Legacy planning can be more than just passing on your assets. It can be passing on your values as well; whether it be charitable giving, education, or any host of values you wish to see strengthened and endure in the coming generations. Whether Legacy or Business Planning, Contact CASHMAN LAW today for a free consultation to get the Plan You Deserve.™
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