The average American has grown more tight-fisted in recent years, donating a smaller portion of his or her income to charity than he or she did 10 years ago.
For nearly a decade, the rules allowing for a tax-free Qualified Charitable Distribution directly from an IRA to a charity have been on-again, off-again, a part of the infamous Tax Extenders that would lapse and be reinstated every other year.
Imagine a snapshot of American giving. What would it look like? Would it portray an abundantly generous America, or show a dismal lack of involvement in charitable causes and civic society?
When advising clients who are considering the best ways to make significant charitable gifts, it can be helpful to begin with what I refer to as the “anatomy of a gift.”
The United States is a country with significant wealth. A recent study revealed that about 10 million American families have a net worth of $1 million or more.