ENDOWMENT

TAX LAW CHANGES

The beginning of a new year brings new changes to federal taxes-estate taxes, that is. As of January 1, 2011, federal estate tax laws have undergone major adjustments. The most notable being the reinstatement of the estate tax at the $5 million level.

What this means for you?

Most of us know that we need an estate plan to determine who gets what from our assets when we are gone. Plus, we know that without a valid well, we are leaving it up to the state to determine who gets the majority of our assets and belongings. Now, with the estate tax threshold temporarily raised to a $5 million mark, for many of us, estate tax planning won’t feel so necessary in the short term. The important part is deciding who gets what from our restates.

Basic estate planning includes wills and revocable living trusts, financial and health care powers of attorney, living wills and beneficiary designation coordination.

Your next steps!

Review your plans with your estate planning attorney as soon as possible to determine if any part of your plan needs updated for the new laws. If an update is in store, consider using that time to include a gift to the Family Y of Lancaster & Fairfield County (Robert K. Fox Family Y). Please feel free to contact Mike Lieber at 740-654-0616 ext. 248.

The information on this website is not intended as legal or tax advice.

The YMCA is something that has lasted in this world where so much comes and goes so quickly. It is stable, value-based, professionally managed, in touch with public sentiment and capable of meeting the changing conditions and needs of the future.

The YMCA is a gift that we have received that was already here when we were born. It is a gift that we should give to those yet to be born to perpetuate values that really matter. Those values include caring, honesty, respect and responsibility which are found in our YMCA programs.

Nearly 20 individuals/families have made a lasting commitment to the Family Y as members of the Legacy Builders. As you may know, the nation’s tax laws provide incentives that encourage this type of giving in recognition of the singular role charitable organizations play in meeting important needs in our society. Planned giving can be beneficial to the giver and to the organization such as the Family Y. If you want to make the YMCA a part of your future through giving, please contact the Executive Director. The YMCA can work with you to ensure future generations of children and families will enjoy the benefits of the Family Y.

A legendary football coach said you can never pay back but "you can pay forward". If this is something you want to share please contact the Family Y.