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Volume 8-9
September, 2008
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MARKET VOLATILITY AND OPPORTUNITY
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As we go into the fall, we are all feeling a little shell-shocked from the market volatility of the past couple of weeks. In my conversations with financial advisors around the country, these are unprecedented times. I have heard as a constant refrain, “This is one of my busiest years ever!” If you are like these advisors you've spent hours helping clients deal with the insecurity and anxiety that arise from a volatile market and the collapse of venerable Wall Street firms.
But another truth is that life continues to happen around us. Clients are still engaged in business transactions, real estate transactions, asset reallocations due to retirement or other life change events, and other things that are the stuff of life. In addition, Americans don't forget about giving just because times are bad. We may be more selective, we may be more intentional in our giving, but we still give.
So as we enter the fall giving season, be on the lookout for opportunities to set yourself apart as someone with solutions. As clients transact business, is there an opportunity to use a charitable remainder trust to generate tax benefits and do good? Will a donor-advised fund meet a client's goal of intentional and strategic charitable giving?
Renaissance is here to help you help your clients. Our experience is unmatched and we look forward to working with you. Call a member of our consulting staff at 800-843-0050 today to find out how we can assist you.
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MATT DAMON'S H20 AFRICA FOUNDATION: Promoting The Cause of Clean Drinking Water Throughout Africa
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Renaissance is excited to have been chosen as the administrator for The H2O Africa Foundation, a charitable initiative co-founded by actor Matt Damon and other participants in the Running the Sahara feature film, in order to raise awareness about the need for clean drinking water in communities across Africa.
This fall, the movie Running the Sahara will document three ultra-marathoners who ran 4,620 miles across the Sahara Desert for the first time in history. The stunning cinematic journey brings attention to the millions of African people who have no access to safe water. H2O Africa then enables people to be part of the solution.
"H2O Africa will focus on the development of sustainable, integrated water programs," said Paul Brooks, Board Director for H2O Africa. "We are targeting initiatives that will affect positive change for the long run and complement other activity in the region, such as education and infrastructure development. One example is a water purification system at a school, which provides clean water for children and encourages parents to bring their kids to school."
The H2O Africa model is innovative. Through founders grants and partnerships with the some of the best water solution providers in Africa, H2O Africa sends 100% of donations received for targeted regions through to the project work in the field – and matches every dollar donated. Donors are able to select NGO partners, geographic areas, and other aspects of a tailored community solution that they help design and then monitor through web-based reporting.
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CASE STRATEGY:
Donor-Advised Funds
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Several years ago Al and Ellen Brady used a charitable remainder trust to defer capital gain taxes on the sale of appreciated stock. While they enjoyed the financial benefits and know that charity will benefit in the future, they would like to see the benefits of their charitable giving during their lifetime.
They are now ready to sell another block of stock with a low basis and their financial advisor suggests a donor-advised fund at the Renaissance Charitable Foundation. The Bradys will receive an immediate income tax deduction and avoid capital gain tax on the sale of stock. They will be able make annual grant recommendations from their Fund to their favorite charities, and in the future include their children in the grant recommendation process.
To read the full text of this Case Strategy, click here. For more information about Donor-Advised Funds, see this page on our website - which includes other DAF Case Strategies.
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ADMINISTRATION CORNER: Year End Preparations.
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Client Services would like to remind advisors that trustees or their representative are responsible for providing proof of mailing via certified receipt or other delivery receipt in instances where an IRS penalty notice is received stating that a tax return was not received. Failure to show that the returns were sent on time may result in more expense relative to the actions required to satisfy the IRS and have penalties abated.
As we quickly approach fourth quarter we are already gearing up for the 2008 tax season. Contact will begin in the next few weeks confirming mailing and delivery instructions for tax returns. There will likewise be a push for collection of any missing information. At this time we are not aware of any delays in release of tax forms however, it is still too early to assume there will not be changes to the 2008 forms.
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RENAISSANCE CHARITABLE PLANNING WORKSHOP: Coming to New York and Las Vegas in OCTOBER!
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The Renaissance Charitable Planning Workshop that was held in Indianapolis in May was a huge success. We had a full house, and the new updated content was very well-received.
The Workshop was such a hit, we've decided to do back-to-back workshops in New York, NY and Las Vegas, NV in October.
We'll be at the Park Central Hotel in New York, NY October 13-14, 2008, and at the Monte Carlo Hotel and Casino October 16-17, 2008.
You can view a sample agenda and view registration information by visiting our website or Emailing Vicki Reed.
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RENAISSANCE:
Out and About
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September 30-October 1 - Vicki Reed exhibiting at OneAmerica Financial Partners National Education Conference in Indianapolis, IN
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October 15 - Kyle Christopherson speaking in Evansville, IN
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October 21-25 - Greg Baker speaking at NCPG in Denver, CO
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October 22-25 - Ted Batson attending MDRT-Top Of The Table in Austin, TX
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