U.S. tax planning for international charitable giving

Article Abstract:

US individuals and corporations who intend to donate to charities with foreign charitable purposes must plan carefully to ensure tax deductibility, considering several complex IRC sections and IRS regulations. Research into a charity's eligibility is necessary. A charity must qualify under IRC section 170 for income tax purposes and section 501 for gift or estate tax purposes. Special rules apply for private foundations. It is advisable to donate to US charities which qualify as 'friends of' organizations. Foreign tax credit source rules should also be consulted.

International aspects, Tax planning, Tax deductions, Charitable contributions, Charitable donations, Non-resident aliens, Nonresident aliens

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Interaction of long-term care insurance and the estate tax

Article Abstract:

The decision to purchase long-term care (LTC) insurance should include knowledge of the estate taxability of the proceeds of such insurance. The Health Insurance Portability and Accountability Act of 1996 created tax incentives for purchasers of LTC insurance. Persons whose estates are potentially subject to estate tax should be aware that their beneficiaries could receive small percentages of the proceeds of LTC insurance because of its inclusion in the taxable estate.

Estate tax, Estate taxes, Long-term care insurance, Long term care insurance

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