Joint JFCS/JCL Workshop Addressed Tax and Estate Planning Issues

[by Shiela Steinman Wallace]

Jewish Family & Career Services teamed up with the Jewish Foundation of Louisville to present a Tax and Estate Planning Workshop on Thursday, November 15, at JFCS’s Roth Family Center.

Bruce Belman of Crowe Horwath LLP started the session with a summary of current tax law and a synopsis of what changes might be coming next year. With the looming fiscal cliff, there is a lot of uncertainty. He also outlined some possible strategies for addressing tax issues and charitable giving.

Mark Oppenheimer followed with some basic information about estate planning designed to enable people to maximize their lifetime enjoyment, retain control and flexibility in their finances, provide for their needs, determine how to dispose of their assets at death and minimize taxes.

Toward the end of the presentation, there was also some discussion about Endow Kentucky, a state program that gives a tax credit to Kentucky taxpayers who provide an endowment gift to a permanent endowment fund in a qualified community foundation, county-specific component fund or affiliate foundation that meets certain requirements. The endowment fund that is established must benefit a non-profit organization.

This tax credit is available for 20 percent of the value of the endowment gift up to $10,000. Donors claiming this tax credit can still claim the gift for a charitable donation deduction, too.

Kentucky has limited the total amount available for this tax credit, however, Oppenheimer and Belman indicated that some funding is still available this year.

The program is set up so that donations must be made to a community foundation that does not benefit the organization holding the endowment, so the Jewish Foundation of Louisville has worked with the Community Foundation of Louisville, and a mechanism is available to allow individuals to set up or contribute to an endowment that will benefit the Jewish Community of Louisville but is housed at the Community Foundation of Louisville.

If you are interested in establishing this kind of endowment and taking advantage of this tax credit, please contact Stew Bromberg, 238-2755 or sbromberg@jewishlouisville.org. Donors are also advised to contact their tax professionals on this matter.

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