Top 10 Charitable Planning Strategies for Financial Advisors
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1 Top 10 Charitable Planning Strategies for Financial Advisors Financial Planning Association of Minnesota March 18, :50 am 8:50 am Russell N. James III, J.D., PhD., CFP Texas Tech University
2 Russell James, J.D., Ph.D., CFP Texas Tech University Dept. of Personal Financial Planning Top 10 Charitable Planning Strategies for Financial Advisors
3 1. Never give cash
4 Income tax deduction ($100,000 x 39.6%) $39,600 $100k Cash Donor Charity Donor $100k Stock Charity Income tax deduction ($100,000 x 39.6%) $39,600 + Avoid capital gains tax ($90,000 x 23.8%) $21,240
5 The Charitable Swap Donor $100k cash $100k low basis stock Charity immediately buy identical stock (100% basis) No wash sale rule because this is gain property, not loss property
6 The Charitable Swap Simplified Donor $100k low basis stock $ $ $100k cash immediately buy identical stock (100% basis) Donor Advised Fund $ Charities
7 A FREE tax benefit you lose every time you give cash Donor $100k low basis stock $ $ $100k cash immediately buy identical stock (100% basis) Donor Advised Fund $ Charities
8 capital gains Did you pay taxes last year? cash gifts to Did you make charity? If so, You need a new financial planner. John Competitor, CFP Financial Planning Services for the Charitably Minded Your.Competition@EatingYourLunch.com
9 2. Give retirement RMD first and more at death
10 Life stages of a retirement account Early distribution (before 59 ½) Regular distribution (59 ½ to 70 ½) Required minimum distribution (after 70 ½)
11 Giving after 70 ½ After age 70 ½ participants must take required minimum distributions (account balance / remaining life expectancy) or pay 50% penalty $10,000 IRA $10,000 income
12 Giving after 70 ½ If the income is not needed, a charitable gift deduction might offset the income (if itemizing and no income giving limitations exceeded and no pease limitation effects and no negative effects from increased AGI and not in the wrong state) IRA $10,000 $10,000 income $10,000 $10,000 deduction
13 Giving after 70 ½ In some years, congress has allowed a Qualified Charitable Distribution (QCD), eliminating both the income and deduction IRA $0 income $0 deduction $10,000
14 Qualified Charitable Distribution (QCD) IRAs or IRA rollovers only; no 401(k), 403(b), SEP, SIMPLE, pension or profit sharing plans Participant 70 ½ or older No private foundations, donor advised funds, charitable trusts, or charitable gift annuities IRA $100,000 per person maximum $10,000 $0 income $0 deduction
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17 IRA(child); House(charity) $1,000,000 House $1,000,000 to charity $1,000,000 IRA -$396,000 (39.6% federal income tax) IRA(charity); House(child) $1,000,000 IRA $1,000,000 to charity $1,000,000 House -$0 (no income tax) -$110,000 (11% Oregon state income tax)
18 Retirement plan charitable beneficiaries A public charity A private family foundation A charitable remainder trust
19 Bad retirement plan death beneficiaries Not Charitable Lead Trusts (because they aren t tax exempt) Avoid naming estate as beneficiary with instructions in estate documents (estate itself may have to pay income taxes)
20 1. Treas. Reg. sec (a)(9)-8 Q&A 2(a) 2. Treas. Reg. sec (a)(9)-4 Q&A 4(a) Simple solutions to a potential trap Charities are not designated beneficiaries, so could accelerate RMD s for other beneficiaries. Solutions: Separate IRAs into a 100% charitable and 100% non-charitable account before death (+ RMDs can be taken from either to match desired plans) Beneficiaries can separate accounts by end of year following participant death 1 Payout charity share before September 30 of year following participant death. 2 If spouse is beneficiary, simply roll that share into spouse s IRA
21 3. Take deductions today for transfers tomorrow
22 A remainder interest in a home or farm gives the right to own the property after a set time or after the death of a person
23 Charitable deduction for remainder interest deed in $1,000,000 of farmland by age 59 donor 11.6% (May 89) $156, % (Jan 13) $804,790
24 Leaving land to charity by will Revocable $0 income tax deduction Impacts charity after death Leaving land to charity by remainder deed Irrevocable $804,790 immediate income tax deduction Impacts charity after death or immediately if charity sells remainder interest Immediately increases cash assets available for investments (AUM)
25 Payments During Life Charitable Remainder Trusts generate an immediate tax deduction, even though donor can manage assets and receive income for life Initial Transfer Anything Left at Death Donor CRT Charity
26 4. Match Deductions with Roth conversions
27 Roth conversions and charitable planning can work together to match Income Deductions
28 Roth Conversion $1MM in standard IRA (withdraws are taxable) $1MM in Roth IRA (withdraws are tax free)
29 Where can I find offsetting deductions?
30 Where can I find offsetting deductions? Put money into a Charitable remainder trust Charitable lead trust (grantor) Charitable gift annuity Donor advised fund Private foundation Or give a remainder interest in a residence or farmland to a charity
31 Charitable deductions may be limited (with five year carryover) to 20%, 30%, or 50% of income depending on gift and recipient
32 If I have unused deductions, how can I pull future income into current year?
33 If I have unused deductions, how can I pull future income into current year? With a Roth conversion
34 Roth Conversion $1MM in standard IRA (withdraws are taxable) $1MM in Roth IRA (withdraws are tax free)
35 Roth conversions and charitable planning can work together to match Income Deductions
36 5. Buy life insurance with new tax deductions
37 Charitable planning devices such as Charitable Gift Annuities, Gifts of Remainder Interests in Homes and Farms, and Charitable Remainder Trusts produce amazing tax advantages, reducing income taxes, capital gain taxes, and estate taxes
38 But, they also reduce heirs inheritance Heir Charity Donor
39 Life insurance can diminish this concern
40 Can it pay to be charitable? Priscilla wants to sell a $1,000,000 non-income producing zero-basis asset then spend the interest income of 5% while leaving principal for heirs. Her combined state and federal tax rates are: capital gains (23.8%) income (39.6%) estate (40%)
41 Sale $1,000,000 asset -$238,000 capital gains tax Client uses $38,100/year ($762,000 X 5% return) Heirs receive $457,000 ($762,000-$304,800 est. tax) CRUT $1,000,000 asset $0 capital gains tax $1,000,000 in 5% unitrust pays $50,000 annually + a charitable tax deduction of $300,000 worth $120,000 + ILIT Client pays $120,000 initially and $10,000 annually for a $400,000 ILIT-owned policy (including post-crummey gift taxes) Client uses $40,000/year Charity receives $1,000,000 remainder Heirs receive $400,000 (tax free from ILIT)
42 John, age 59, at 39.6% income tax rate, owns $100,000 of farmland which he would like to use for the rest of his life then leave to charity, but he also wants to benefit his heirs.
43 Giving the remainder interest to charity creates a deduction of $80,479 worth $32,869. Suppose this will purchase a paid-up policy of about $50,000+. John keeps lifetime use of farm Charity gets 100% of farm at death Heirs get $50,000+ (estate tax free)
44 6. Earn more income by avoiding capital gains tax
45 A client holds a large, highly appreciated asset that generates little income (like developable land or non-dividend paying stock). How can she convert it to income generating property?
46 Option 1: Sell it. Pay the capital gains tax. Earn income on the remaining amount. $1,000,000 stock $1,000,000 gain (if zero basis) $238,000 tax (23.8% fed +?% state) $762,000 left to invest AUM
47 Option 2: Transfer to a CRT. Earn income for life on the full amount. $1,000,000 stock $1,000,000 gain (if $100,000 cost) $0 tax (CRT pays no tax) $1,000,000 left to invest AUM
48 A client holds a highly appreciated asset that generates little income (like developable land or non-dividend paying stock). How can she convert it to income generating investments? Simple Sale $1,000,000 asset $1,000,000 gain (if zero basis) $288,000 tax (23.8% fed + 5% state) $722,000 left to invest-aum Or California $670,000 left Charitable Remainder Trust $1,000,000 asset $1,000,000 gain (if $100,000 cost) $0 tax (CRT pays no tax) $1,000,000 left to invest-aum & $100,000+ tax deduction
49 7. Prevent your clients from dying (ever)
50 Client death is highly inconvenient for financial planners 1. The government takes a chunk of the assets 2. The kids divide up the rest into smaller pools You CAN T manage the money (because you don t have the business relationships with each of the kids) You DON T WANT to manage the money (because each remaining pool is too small)
51 A donor advised fund or private foundation holds money and distributes charitable grants
52 Multi-generational management Inheritance Small pools after division by 1/n children and estate tax Individual relationships with each heir High maintenance / personal losses Private Foundation/DAF Big pool with no division and no estate tax Preexisting position as pool manager Low maintenance / charitable org. losses
53 Donor Advised Fund No minimum payout Minimal setup & administrative expense Expected control of grants Investment management allowed with many financial institutions Legislatively newer Private foundation 5% minimum payout Significant setup & administrative expense Actual control of grants Investment management always allowed Legislatively stable
54 Advanced charitable strategies to preserve wealth Lifetime and testamentary transfers to private foundation CRT (spigot) paying for life (if desired for consumption) then to family foundation Zeroed out CLT that pays charitable interest to family foundation, excess growth to children Multi-generational: Testamentary CRT, income to kids, then to private foundation run by grandkids
55 8. Grow tax free
56 Tax Free Growth Environments Growth inside a donor advised fund is tax free Growth inside a charitable remainder trust is tax free (only distributions are taxed) Growth inside a private foundation is tax limited (either 2% or 1% rate)
57 Standard Account 10% growth, 39.6% federal, 5% state Year 1 $10,000 Year 2 $10,554 Year 3 $11,139 Year 4 $11,756 Year 5 $12,407 Year 18 $25,009 Year 19 $26,394 Year 20 $27,856 Donor Advised Fund/PF 10% growth, 39.6% federal, 5% state Year 1 $10,000 Year 2 $11,000 Year 3 $12,100 Year 4 $13,310 Year 5 $14,641 Year 18 $50,544 Year 19 $55,599 Year 20 $61,159
58 A CRT increases AUM No upfront capital gains tax at sale Tax deferred growth (only distributions taxed) Immediate tax deduction Post-mortem management with DAF/PF beneficiary
59 Will a maximum payout CRUT (with appreciated assets) give more after-tax dollars to clients & heirs than a direct investment with no charitable gift? The Tax Benefit $ The Charitable Gift $ It depends
60 Direct Investment v. Max-Payout CRUT Monte Carlo Simulation of 3,000,000 retirement lifetimes Age 60 male & 55 female Vary life span (2012 IAM Table) Vary returns (historic large cap std. dev.) Annual consumption 2.8% of initial investment then inflation adjusted 20% basis asset Yeoman, John C. (2014). The economics of using a charitable remainder trust to fund a retirement portfolio. The Journal of Wealth Management,
61 Direct Investment (No Charitable Gift) (run out of money) Failure 9.9% (Average PV of initial $) Consumed 52.88% (Average PV of initial $) for Heirs 47.12% Max Payout CRUT (any payment below projected consumption) Failure 7.9% (Average PV of initial $) Consumed 53.10% (Average PV of initial $) for Heirs 61.48%
62 9. Make your wealthy clients want to save More
63 Once my family and I are provided for, why would I keep working to build wealth?
64 Do the estates of people who make charitable estate plans grow differently than the general population?
65 After making their plan, charitable estate donors grew their estates 50%-100% faster than did others with same initial wealth
66 10. Be in a growing market for good clients
67 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Estates including charitable planning (IRS Statistics of Income 2008) $2.0 million < $3.5 million $3.5 million < $5.0 million $5.0 million < $10.0 million Estate Size $10.0 million < $20.0 million $20.0 million or more
68 Coming demographic wave will impact CRT creation first, then CGA creation, then bequests realization Franey, J. W. & James, R. N., III (2013) Trending Forward: Emerging Demographics Driving Planned Giving. National Conference on Philanthropic Planning, Minneapolis, MN, October 15-17, 2013 CRT Creation Peak Age: CGA Creation Peak Age: Realized Bequest Peak Age: 88
69 20,000,000 15,000,000 10,000,000 5,000,000 0 Total resident population by 5-year age groups Temporary flat trend in key population Key population not growing, YET
70 55% Age 55+ charitable recipient among those with will/trust by family status 50% 45% 40% 35% 30% 25% Grandchildren Children only No Offspring (unmarried) No Offspring (married) 20% 15% 10% 5% p
71 1976 (78-83) 1977 (77-82) 1979 (75-80) 1980 (74-79) 1981 (73-78) 1982 (72-77) 1983 (71-76) 1984 (70-75) 1985 (69-74) 1986 (68-73) 1987 (67-72) 1988 (66-71) 1990 (64-69) 1992 (62-67) 1994 (60-65) 1995 (58-63) 1998 (56-61) 2000 (54-59) 2002 (52-57) 2004 (50-55) 2006 (48-54) 21% Percent Childless Women at Age in U.S. 19% 17% 15% 13% 11% 9% Year (current age range)
72 16% Age 55+ inclusion of charitable recipient by education 14% 12% 10% 8% 6% Grad School College Grad Some College HS Grad <HS Grad 4% 2% 0% p
73 % U.S. population share with bachelor's degree+ 30% 25% 20% 15% Age 55+ Age % 5%
74 20% Age 55+ charitable beneficiary among those with will/trust by giving/volunteering 18% 16% 14% 12% 10% 8% 6% Volunteer Only Donor Only Both Neither 4% 2% 0% p
75 50% Age 55+ giving ($500+) & volunteering (100+ hours) 48% 46% 44% 42% 40% 38% 36% volunteer charitable giving 34% 32% 30%
76 Russell James, J.D., Ph.D., CFP Texas Tech University Dept. of Personal Financial Planning Top 10 Charitable Planning Strategies for Financial Advisors
77 Questions & Answers INSTRUCTOR: Russell N. James III, J.D., PhD., CFP Texas Tech University MS 1210 Lubbock, Texas FPA MN Coordinator: Bonnie Stanley Financial Planning Association of MN 3900 Main Street N.E. Columbia Heights, MN
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