As Greater Boston's community foundation, the Boston Foundation devotes its resources to building and sustaining a vital, prosperous city and region, where justice and opportunity are extended to everyone. We fulfill this mission in three principal ways...
The Boston Foundation is pleased to announce that Beth Milkovits has recently joined the staff as the new Director of Development. In this role, Beth will work with professional advisors to help them meet their clients’ charitable giving goals. Prior to joining the Foundation, Beth spent nine years as a financial planner at Tofias Financial Advisors, LP, a subsidiary of Tofias PC.
MORE »At the Boston Foundation, we take great pride in the work we do to benefit Greater Boston, including our support of professional advisors. To facilitate your clients’ year-end giving, we stand ready to assist you with the quick and efficient service our advisors have come to expect, and appreciate. Please reference the gift deadlines below to help plan your clients’ year-end giving.
As you may know, the IRA Charitable Rollover was extended under the Emergency Economic Stabilization Act of 2008 (“The Act”) that President Bush signed into law on Friday, October 3, 2008. This permits your clients to roll over up to $100,000 from a traditional IRA directly to a qualifying charity without recognizing the transferred assets as income.
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By: Shari A. Levitan, Esq., Holland & Knight LLP
Following the Massachusetts Supreme Judicial Court’s decision in Goodridge, attention has shifted from whether same-sex couples in Massachusetts would be able to marry, to the practical economic aspects of their marital partnership, including how to own assets, estate planning, and income tax planning. Federal law still does not recognize same-sex marriages and, consequently, couples legally married in Massachusetts are denied the very significant federal tax benefits available to all other married couples. Massachusetts does recognize the marriage for tax purposes, and the Massachusetts Department of Revenue has issued guidance to assist couples and their advisors in tax planning. Comprehensive estate planning is essential to minimize estate taxes, and to take advantage of the tax planning opportunities that in fact exist under current federal law.
MORE »By: Michael Brink and Bryan Clontz
Life insurance is an excellent tool for making charitable gifts for a number of reasons. Life insurance provides an "amplified" gift that enables you to purchase immortality on an installment plan. Through a relatively small annual cost (the premium), a benefit far in excess of what would otherwise be possible can be provided for charity. This sizeable gift can be made without impairing or diluting the control of a family business or other investments. Assets earmarked for family members can be kept intact.
MORE »By: Michael J. Cooney, Esq., Nixon Peabody LLP
In today’s world, a substantial amount of wealth is held in business entities other than publicly-traded corporations or what are commonly termed “C” corporations” for federal tax purposes. “Small” businesses constitute an important and growing segment of the U.S. business economy, and they are often conducted in different forms, such as sole proprietorships, partnerships, limited liability companies (often taxed as partnerships) and subchapter S corporations.
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