Post by modorney on Jan 7, 2013 23:05:30 GMT -5
www.twincities.com/business/ci_22312830/real-world-economics-estate-tax-escapes-fiscal-cliff
The fiscal cliff solution puts the estate tax at 40 percent, after the first 5 million. Us boomers, part of the great expansion of Greek Life in the sixties, are retiring soon, and those who went into lucrative fields (accounting, engineering, medicine ...) did well. Many are worth more than 5 million, and this is the time to ask for money.
1. Build a consistent presence. Find out where they live, and have a newsletter - at least three times a year. Alums want to read about their chapter.
2. Point out the alternatives to giving Uncle Sam 400 k of every million - one technique is a charitable remainer trust.
www.charitableremaindertrust.com/faq.html
Your fraternity gets the money, your survivors get the money (tax free), only the government doesn't get the money.
3. Yes, they are complicated. Every national has an expert that can calculate the scenario for each alumnus - age, real estate, stock market, etc., all crank into the formula. They can talk with the alumnus and give a quick ballpark estimate, then go from there.
4. Most of us know that the housing part of a fraternity is largely non-deductible, and the "academic" part is deductible. But there is a lot of latitude there. For example, "rent" can be a "high" number, but a scholarship can be given to every officer (from president on down to light bulb chairman) to offset the higher rent. And for the major jobs, the scholarship can be considerable. Work with your foundation to make this possible.
5. Communicate with your alums - the money is there.
The fiscal cliff solution puts the estate tax at 40 percent, after the first 5 million. Us boomers, part of the great expansion of Greek Life in the sixties, are retiring soon, and those who went into lucrative fields (accounting, engineering, medicine ...) did well. Many are worth more than 5 million, and this is the time to ask for money.
1. Build a consistent presence. Find out where they live, and have a newsletter - at least three times a year. Alums want to read about their chapter.
2. Point out the alternatives to giving Uncle Sam 400 k of every million - one technique is a charitable remainer trust.
www.charitableremaindertrust.com/faq.html
Your fraternity gets the money, your survivors get the money (tax free), only the government doesn't get the money.
3. Yes, they are complicated. Every national has an expert that can calculate the scenario for each alumnus - age, real estate, stock market, etc., all crank into the formula. They can talk with the alumnus and give a quick ballpark estimate, then go from there.
4. Most of us know that the housing part of a fraternity is largely non-deductible, and the "academic" part is deductible. But there is a lot of latitude there. For example, "rent" can be a "high" number, but a scholarship can be given to every officer (from president on down to light bulb chairman) to offset the higher rent. And for the major jobs, the scholarship can be considerable. Work with your foundation to make this possible.
5. Communicate with your alums - the money is there.