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I wonder what part of the donation increase is related to the number of people hitting RMD age and using QCDs to make donations. We use that extensively. We don't worry about estate taxes because whatever is left when the last of us two is no longer standing will go to charity.
The wealthy gave away $182.6 billion in 2021, more than double the $75.2 billion the year before, according to recently published Internal Revenue Service statistics. Less than $100 billion of those gifts were made via trusts. Another $14.8 billion went to charity.
For 2023, the combined gift- and estate-tax exemption is $12.92 million per individual, or $25.84 million per married couple. That is the amount you can give away during your life or at death tax-free. In addition, you can make annual tax-free gifts is $17,000 for 2023 to as many people as you like, and it is likely to rise to $18,000 in 2024.
Time for everyone here on the Retirement forum to cozy up to mathjak. Ladies, you should bat your virtual eyelashes at him.
There are an estimated 1.5 million Americans with $10 million to $50 million net worth and nearly 125,000 worth more than that.
That’s me! I’d rather give it away than give any more of it to the government than I’m already forced to. Overtaxing me just means less revenue for them. That’s what punitive taxation causes.
Last edited by VTsnowbird; 08-28-2023 at 12:31 PM..
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,732 posts, read 58,079,686 times
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Quote:
Originally Posted by Joylush
That’s me! I’d rather give it away than give any more of it to the government than I’m already forced to. Overtaxing me just means less revenue for them. That’s what punitive taxation causes.
Thus has been the duty of my DAF for the last 30 +yrs, soon to transfer to my QCDs.
Wish I could gift 90%, but... need to feed the dog and cover the property taxes.
Childhood friend is family practice MD. Amazing how many patients appoint him benefactor when faced with end-of-life health woes. Documented, funds are then donated to transparent charities that have low operating costs.
Childhood friend is family practice MD. Amazing how many patients appoint him benefactor when faced with end-of-life health woes. Documented, funds are then donated to transparent charities that have low operating costs.
Sad in many ways - how about giving the money away while your alive and be the hero ! people who "give" after death aren't really scarifying anything.
Sad in many ways - how about giving the money away while your alive and be the hero ! people who "give" after death aren't really scarifying anything.
Because you don’t know when you’re going to die. So maybe they don’t want to sacrifice their sense of security. Not your money, not your place to judge.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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Scarify.
I haven't heard that word since college.
Some seeds, can take a scarifying to promote gemination. Don't ask me which. It's pretty odd that this particular memory synapse happen in my r.a.m.
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