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Volume 9-6
June, 2009
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DESPITE ECONOMIC DOWNTURN, PHILANTHROPY HOLDS STEADY
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Despite a tumultuous economic year in which individuals have experienced 30-40% losses in their investable assets, charitable giving in the United States exceeded $300 billion for a second year in a row (click here for the Giving USA Foundation Press Release). Donations to charitable causes in the United States reached an estimated $307.65 billion in 2008, a 2 percent drop in current dollars over 2007. Of the $307.65 billion given in 2008, $229.28 billion came from individuals - your potential clients.
We often hear financial professionals say, "This type of planning is for the wealthy." While megagifts tend to grab the headlines, nearly fifty percent of charitable giving in recent years has come from homes with less than $100,000 in annual income. Renaissance is the industry leader in working with financial professionals to help them capture and manage assets that are earmarked for philanthropic purposes. We're here to help you obtain more of this $300 billion opportunity.
Our website boasts great training videos and short audio podcasts as well as sales ideas and technical guides such as the Charitable Remainder Trust Handbook and the CRT Annuity Investment System. We have experienced Consultants on staff to work with you to create the charitable plan that will meet your clients goal of leaving a legacy.
To learn more about this enormous (and growing) market, call Renaissance at 800.843.0050, or visit our website at CharitableTrust.com.
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THE OUTSOURCING SOLUTION: The Answer to Challenging Times for Charities
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Costs should always be a concern when managing the finances of any organization, but in today's economy, it's not 'business as usual.' In a 2009 United Way study, nearly a third of 400 charities that were surveyed said they were worried about closing within a year.
Dwindling donor contributions, increased demand for services, shrinking grantable dollars, slashed operating budgets, reduced staff…are all reasons to seriously consider outsourcing administrative responsibilities. The change from in-house administration to outsourcing can generate an immediate return. In times like these, organization must make financial decisions that help weather the current storm, but also put them in a position to prosper in the long run.
With over 20 years of industry-leading experience, Renaissance is uniquely positioned to serve your organization by acting as your back-office support team in the field of charitable planning and administration. Our technical expertise has been instrumental in helping charities, financial institutions and donors establish more than 20,000 donor-advised funds, charitable remainder trusts and other planned gifts. By trusting these tasks to the professionals at Renaissance, your organization retains full control of operations while cutting costs, increasing efficiency, and spending more time focusing on your core missions. To learn more about the outsourcing solutions offered by Renaissance, visit this page
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JULY AFR RATE JUMPS TO 3.4%:
Tax Law Allows Previous Rate of 2.4% From May
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The AFR for July is 3.4%, up 0.6% from the June rate of 2.8% and up a full 1.0% from the May rate of 2.4%.
The 7520 rate is determined monthly; however under IRC Sec. 7520(a), a taxpayer is allowed to choose the rate applicable during the month the gift was completed, or may use the rate that applied during either of the two months preceding the completed gift. So there is still time to create that CLT using the lower 2.4% for May! Call our Consultants for more information.
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Looking for a way to open a charitable giving dialog with your clients? Most clients want to discuss it, but want you to open the door. Check out the new NBC drama The Philanthropist on Wednesday nights at 10:00 p.m. (check your local listings)…while this is prime-time drama, the story is based on the real life philanthropy of Bobby Sager and his adventures as he travels the world as a "doer who has figured out this hands-on, eyeball-to-eyeball philanthropy is the way to live the fullest life."
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CHARITABLE PLANNING ON THE GO: New Podcasts available at CharitableTrust.com
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As we strive to make it easier for you to grow your business through charitable planning, we are excited to announce new podcasts on our website. Topics for the new releases are "Funding Options for Donor-Advised Funds" and "Benefiting Heirs Using CRTs."
These podcasts are in addition to existing topics such as "Charitable Planning When Rates Are Low" and "Transferring Real Estate to a CRT." All of these lessons are under five minutes, and are completely free for you to download to your MP3 player or to listen to online. You can view and download the entire series of Charitable Planning Podcasts here.
Keep an eye out in the coming weeks for another set of new topics.
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