Estate Planning Professionals’ Breakfast

Estate Planning Professionals’ Breakfast

For many years, the Karmanos Cancer Institute has hosted a Financial and Estate Planning Professionals’ Breakfast at Oakland Hills Country Club to share information about the Karmanos Cancer Institute and discuss with professionals in this field the importance of charitable giving for nonprofits. Our goal is to educate our community about Karmanos Cancer Institute, highlight cancer breakthroughs and encourage philanthropy.

Due to the COVID-19 pandemic, we were unable to be together this spring. This page is dedicated to sharing news of what we had hoped to tell you in person.

Additionally, if you would like more information about Karmanos or to join the Planned Giving Advisory Committee, please contact Liz Johnson at 313-576-8115 or johnsoli@karmanos.org.

Topics & Resources

What Sets Karmanos Apart

Presented by:
Gerold Bepler, M.D., Ph.D.
President and Chief Executive Officer


SECURE and CARES Acts – the Impact on Charitable Giving

Dawn Jinsky
Partner, CPA, CFP®, Leader of Estate and Business Transition Planning

As the leader of the firm’s wealth transfer practice, Dawn educates clients in the who, what, when, and where of transferring their assets in the most tax-efficient manner. High-net-worth individuals, families, and business owners come to Dawn for help with meeting their estate planning, philanthropic, and business transition goals.

SECURE Act
  • IRA contributions
    • Allowable after age 70½
  • Required minimum distribution age
    • Now age 72 not 70½
  • Qualified charitable distributions (QCDs)
    • Allowed at age 70½

Stretch provision eliminated

Entire inherited IRA must be distributed within 10 years of owner’s death, Exempt beneficiaries include: spouses, minor children, disabled, charities and charitable trusts.

Consider a Charitable Trust

Utilize exemption to the 10-year tax acceleration rule by establishing a Charitable Remainder Unitrust (CRUT) or Charitable Remainder Annuity Trust (CRAT) and name it as the beneficiary of your IRA. If married, still consider naming spouse as the primary beneficiary.

CARES Act

Itemizing

  • For cash contributions made in 2020, individuals can now elect to deduct up to 100 percent of AGI (increased from 60 percent).

Not itemizing

  • An additional, “above-the-line” deduction for charitable gifts made in cash of up to $300 is available. Individuals not itemizing 2020 taxes can claim this new deduction.

Corporate giving

  • Corporations can now deduct up to 25 percent of taxable income (increased from 10 percent).

IRAs and Qualified Charitable Distribution (QCD)

  • Individuals over 59½ can take a cash distribution from their IRA, contribute the cash to charity and potentially offset tax attributable to the distribution by taking a charitable deduction in an amount up to 100 percent of their AGI for the tax year.
  • Even though RMDs have been eliminated in 2020, individuals over 70½ can donate up to $100,000 in IRA assets directly to charity annually, without taking the distribution into taxable income.
Philanthropy enables the Karmanos Cancer Institute to be a leader in cancer research leading to therapeutic breakthroughs that continue to define new standards of care and provide patients with hope.


More Information

If you would like more information about Karmanos or to join the Planned Giving Advisory Committee, please contact Liz Johnson at 313-576-8115 or johnsoli@karmanos.org.

Patient Stories

Meghan Malley

Karmanos Cancer Institute

At just 29 years old, Meghan Malley was diagnosed with stage four breast cancer in 2011. Throughout the course of nine years, a lot has changed. She’s undergone surgery, chemotherapy and radiation,...

John Raithel

Karmanos Cancer Institute

I had the support of a three-legged stool: a hopeful attitude, my wife and family, and the exceptional care at Karmanos,” John says. “If patients can have those three things, they can reach their p...

Andrea Schroeder

Karmanos Cancer Institute

"They opened the radiation center an hour early for me," Schroeder said. "I said, 'I don't want to inconvenience people. I don't want to change people's jobs,' and they said, 'You are doing the peo...
See All Patient Stories