Boyce Law Firm is Proud to Announce their 2024 Award Winners

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Boyce Law Firm is Proud to Announce their 2024 Award Winners

November 19, 2024 • Boyce Law Firm, LLP

Boyce Law Firm would like to congratulate their 2024 award winners. Nominated by their peers, several Boyce Law Firm attorneys have received awards for their outstanding performance in the highly respected publications Best Lawyers, Super Lawyers, Martindale-Hubbell and Chambers & Partners.

  • Joshua R. Brown– Best Lawyers Ones to Watch in Trusts and Estates
  • Laura K. Hensley– Best Lawyers Ones to Watch in Labor and Employment Law, Top Rated Employment and Labor Attorney
  • David J. Hieb– Super Lawyers Rising Stars in Civil Litigation
  • Brian K. Kirby – Super Lawyers Top Rated Business and Corporate Attorney, Martindale-Hubbell Distinguished Attorney Award
  • Patrick J. Knecht– Martindale-Hubbell Notable Attorney Award
  • Charles A. Larson – Best Lawyers in Workers’ Compensation Law, Super Lawyers Top Rated Workers’ Compensation Attorney, Martindale-Hubbell Preeminent Award Winner
  • Lisa K. Marso–Best Lawyers in Employment Law: Management, Super Lawyers Top Rated Employment and Labor Attorney for 12 Years, Martindale-Hubbell Distinguished Attorney Award, and Chambers & Partners Notable Practitioners in Labor and Employment Law
  • John P. Mullen – Martindale-Hubbell Distinguished Attorney Award
  • Matthew D. Murphy – Best Lawyers Ones to Watch in Health Care Law, Medical Malpractice Law – Defendants, Personal Injury Litigation – Defendants, and Personal Injury Litigation – Plaintiffs, Martindale-Hubbell Preeminent Attorney Award
  • Roger A. Sudbeck – Best Lawyers 2024 Lawyer of the Year, Best Lawyers Defense work in Medical Malpractice Law, Personal Injury Litigation and Professional Malpractice Law, Super Lawyers Top Rated Civil Litigation Attorney for 17 Years, Martindale-Hubbell Preeminent Attorney Award, and Chambers & Partners Notable Practitioners in General Commercial Litigation and Medical Malpractice Defense
  • Jason R. Sutton – Best Lawyers in Commercial Litigation, Legal Malpractice Law, Trusts and Estates Litigation, Super Lawyers Top Rated Business Litigation Attorney, and Martindale-Hubbell Distinguished Award Winner
  • Michael F. Tobin – Best Lawyers in Construction Litigation, Super Lawyers Top Rated Insurance Coverage Attorney, and Martindale-Hubbell Preeminent Attorney Award
  • Paul W. Tschetter– Best Lawyers in Construction Litigation, Real Estate and Construction Law, Super Lawyers Top Rated Construction Litigation Attorney, and Martindale-Hubbell Distinguished Award Winner and Client Reviewed
  • Thomas J. Von Wald – Martindale-Hubbell Distinguished Award Winner
  • Gregory H. Wheeler – Best Lawyers in Professional Malpractice Law, Super Lawyers Top Rated Construction Litigation Attorney, Martindale-Hubbell Preeminent Attorney Award

Boyce Law Firm is committed to caring about the people we represent and building relationships that grow and evolve over time. We seek to employ lawyers with these values to better serve the clients who trust us.

A-OX Welding and A & B Welding Supply Join Meritus Gas Partners

March 11, 2024 • Boyce Law Firm, LLP

Boyce Law Firm Attorneys Brian K. Kirby, Joshua R. Brown, and Zachary T. Schmidt represented our client A-OX Welding Supply Co., Inc. (“A-OX”) in the partnership with Meritus Gas Partners which became official on March 1, 2024. 

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A-OX and its sister company A&B Welding Supply located in Rapid City
are South Dakota based distributors of industrial, specialty, and medical
gases, as well as welding and safety supplies.  Meritus is a portfolio company
who has been assembling a national network of high-quality independent
distributors of industrial, medical, a specialty gases, as well as welding and
safety supplies.  As partners of Meritus, A-OX and A&B will be part of a larger
organization of over a dozen other distributors that will assist them in servicing
their customers long into the future.   Thomas Elliott, the CEO of A-OX and the
Elliott family are maintaining their South Dakota roots and will remain in
senior leadership roles.  As with all our valued clients, we wish them well.

Joshua Brown Honored with ERLS Pro Bono Volunteer of the Year Award

December 21, 2023 • Boyce Law Firm, LLP

Boyce Law Firm is thrilled to share the news that Joshua Brown has been awarded with the ERLS Pro Bono Volunteer of the Year award at East River Legal Services’ recognition luncheon held yesterday.

The recognition comes as a testament to Joshua’s exceptional contributions to legal aid, drawing accolades from the ERLS team. He has consistently exhibited outstanding professionalism, solidifying his position as a significant asset in his interactions with the clients served by East River Legal Service.

The ERLS team’s commendations underscore Joshua’s dedication to the principles of legal aid and his effectiveness in navigating the complexities of client interactions. This acknowledgment serves as a well-deserved affirmation of Joshua’s commitment to making a positive impact on the community through his legal expertise.

On behalf of Boyce Law Firm, congratulations, Joshua! Your well-earned recognition not only speaks volumes about your individual accomplishments but also reflects positively on the values and commitment of our entire legal team. We take immense pride in having you as a part of our firm and commend your efforts in upholding the highest standards of legal service.

As Joshua continues to be a remarkable force in the legal landscape, Boyce Law Firm looks forward to witnessing the continued positive impact he will undoubtedly make within the legal aid community. We extend our heartfelt congratulations once again and eagerly anticipate the future successes that lie ahead.

Celebrating Excellence: Tom Welk Honored with the 2023 McKusick Award

July 11, 2023 • Boyce Law Firm, LLP

In a momentous occasion at the South Dakota State Bar Annual Meeting and Convention, held on June 21, 2023, the legal community came together to recognize and celebrate the remarkable achievements of attorney, Tom Welk. Acknowledging his outstanding contributions to the legal field, Welk was awarded the esteemed McKusick Award. Established in 1951, the award has been presented to only 75 attorneys and exists to recognize attorneys such as Tom, who have made significant contributions to the legal field, inspiring their peers, and embodying the principles of justice.

With an unwavering commitment to his clients, Tom earned a reputation as a true advocate. Known for his meticulous attention to detail and exceptional legal acumen, Tom successfully represented clients in complex cases across various practice areas. His ability to navigate through intricate legal challenges with precision and compassion won him the respect and admiration of both colleagues and clients alike.  These are traits Tom instilled in other Boyce Law Firm attorneys who have been privileged to serve with him. Additionally, Tom’s passion for mentoring other lawyers and creating programs at the University of South Dakota School of Law to better prepare students, sharing his wisdom and experience to nurture the next generation of legal professionals, has been invaluable. We congratulate Tom on receiving this award.

Tom Welk won the 2023 McKusick Award at the South Dakota State Bar Annual Meeting and Convention

Boyce Law Firm is Proud to Announce their 2021 Award Winners

November 15, 2021 • Boyce Law Firm, LLP

(SIOUX FALLS, S.D.) – Boyce Law Firm would like to congratulate their 2021 award winners. Nominated by their peers, several Boyce Law Firm attorneys have received awards for their outstanding performance in the highly respected publications Best Lawyers, Super Lawyers, Martindale-Hubbell, and Chambers & Partners. 

  • Jennifer E. Bunkers – Martindale-Hubbell Distinguished Attorney Award
  • Patrick J. Knecht – Martindale-Hubbell Notable Attorney Award
  • Charles A. Larson – Super Lawyers Rising Star and Martindale-Hubbell Preeminent Award Winner
  • Lisa K. Marso – Best Lawyers in Employment Law: Management, Super Lawyers Top Rated Employment & Labor Attorney, Martindale-Hubbell Distinguished Attorney Award, and Chambers & Partners Notable Practitioners in Labor & Employment Law
  • John P. Mullen – Martindale-Hubbell Distinguished Attorney Award
  • Matthew D. Murphy – Best Lawyers: Ones to Watch list and Martindale-Hubbell Preeminent Attorney Award
  • Roger A. Sudbeck – Best Lawyers 2021 Lawyer of the Year, Best Lawyers Defense work in Medical Malpractice Law, Personal Injury Litigation and Professional Malpractice Law, Super Lawyers Top Rated Civil Litigation Attorney, Martindale-Hubbell Preeminent Attorney Award, and Chambers & Partners Notable Practitioners in General Commercial Litigation and Medical Malpractice Defense
  • Jason R. Sutton – Best Lawyers in Litigation (Commercial, Trusts and Estates), Legal Malpractice Law – Defendants, Super Lawyers Top Rated Business Litigation Attorney, and Martindale-Hubbell Distinguished Award Winner
  • Michael F. Tobin – Best Lawyers in Litigation: Construction, Super Lawyers Rising Star, Super Lawyers Top Rated Insurance Coverage Attorney, and Martindale-Hubbell Preeminent Attorney Award
  • Paul W. Tschetter – Best Lawyers in Construction Law, Super Lawyers Rising Star, Super Lawyers Top Rated Construction Litigation Attorney, and Martindale-Hubbell Distinguished Award Winner
  • Thomas J. Von Wald – Martindale-Hubbell Distinguished Award Winner
  • Thomas J. Welk – Best Lawyers in Administrative/Regulatory Law, Litigation (Bet-the-Company, Commercial, Antitrust, Banking and Finance, Labor and Employment, Regulatory Enforcement–SEC, Telecom, Energy), Energy Law and Health Care Law, Super Lawyers Top Rated Business Litigation Attorney, Martindale-Hubbell Preeminent Attorney Award, and Chambers & Partners Notable Practitioners in General Commercial Litigation
  • Gregory H. Wheeler – Super Lawyers Top Rated Construction Litigation Attorney and Martindale-Hubbell Preeminent Attorney Award

Boyce Law Firm is committed to caring about the people we represent and building relationships that grow and evolve over time. We seek to employ lawyers with these values to better serve the clients who trust us.

2020 HEY! Sioux Falls Corporate Innovator of the Year Finalist

June 22, 2021 • Boyce Law Firm, LLP

In early 2020, Boyce Law Firm attorneys, Paul Tschetter and Patrick Knecht, set out to make a difference in the entrepreneurial community. With the boom of new businesses starting up in Sioux Falls, they saw a chance to reach out to the new entrepreneurs and make sure they had everything they needed to succeed. By bringing their strong desire to build relationships and help others, along with their service-based offerings and years of experience, these Boyce Law attorneys felt they needed to do more for their community.

Boyce Law Firm, LLP soon joined the Zeal Accelerator Program, now known as Startup Sioux Falls, as a member and sponsor. Startup Sioux Falls is a community organization that connects small business owners and entrepreneurs to one another and to the startup ecosystem in the Sioux Falls, South Dakota metro. Paul has presented several times on topics relevant to any business, startup or otherwise. Through his service to Startup Sioux Falls, he was honored with a nomination, HEY! Sioux Falls Corporate Innovator of the Year.

HEY! Sioux Falls was born out of a collaboration between the Greater Sioux Falls Chamber of Commerce, the Zeal Center for Entrepreneurship, 1 Million Cups and Startup Sioux Falls. It is an annual event where businesses are nominated and recognized by entrepreneurial community leaders for their impact, either by building great businesses or by pushing the entrepreneurial community forward.

Eighteen finalists were selected in six award categories and winners were announced on Thursday, May 20 at the Orpheum Theater in downtown Sioux Falls. For more information on award categories, award finalists and winners and to learn how you can get involved, please visit heysiouxfalls.com.

Boyce Law Firm would like to congratulate all the winners and thank HEY! Sioux Falls for nominating the Firm for this prestigious award.

Estate Planning During Year One of the Biden Administration

April 13, 2021 • Boyce Law Firm, LLP

Many individuals are becoming increasingly concerned about estate planning following Joe Biden’s Electoral College victory over Donald Trump. With Democrats winning each of the Georgia Senate runoff elections in January, the Democrats now control both bodies of the legislature – albeit only a narrow control of the Senate, with a 50-50 split between Democrats and Republicans and any tie-breaking vote in the hands of Vice President, Kamala Harris. Gaining control of the Executive and Legislative branches has put Democrats in position to enact sweeping changes to gift, estate, and income tax laws.

 

Setting the Stage

During his presidential campaign, President Biden proposed reducing the amount an individual can transfer free of estate and gift tax from current limits of $11.7 million down to $3.5 million for individuals and $23.4 million down to $7 million for married couples. Biden also proposed eliminating the step-up in basis, which currently allows heirs to receive assets valued at the date of death. This proposal to eliminate the step-up in basis would result in any unrealized capital gains being subject to tax. Biden has also called for capital gains rates to increase from the current maximum of 20% to 39.6% for taxpayers with income over $1 million. The 39.6% rate is also what Biden proposed the top individual income tax rate be returned to.

What is the likelihood of Biden’s campaign proposals passing in 2021? It’s not entirely clear – but they are unlikely to pass in 2021, as the Biden Administration is primarily concerned with handling the pandemic brought on by Covid-19. Moreover, with Democrats narrowly holding control of the Senate, any tax proposal will require support from all Democrats, which may prove problematic, as moderate Democrats with large Republican bases may be hesitant to favor aggressive tax reform. To garner support from all Democratic Senators, many are predicting that step-up tax basis at death will likely remain the status quo and lifetime estate and gift tax exemptions will only revert to pre-Tax Cuts and Jobs Act levels, which was $5 million for an individual or $10 million for a married couple, adjusted for inflation.

A major concern among individuals seeking to review, revise, or create a new estate plan is whether there will be retroactive tax legislation, aka “claw-back” for gifts made under the high current lifetime estate and gift tax exemption limits. In 2019, the Treasury Department and the Internal Revenue Service issued final regulations confirming that individuals taking advantage of the increased gift and estate tax exemption amounts in effect from 2018 to 2025 (the years the Tax Cuts and Jobs Act is in effect) will not be adversely impacted after 2025 when the exemption amounts are scheduled to sunset to pre-2018 numbers. Nevertheless, with new Congressional makeup and the Biden Administration in power, any new tax law has potential to include claw-back provisions. Experts predict is that if claw-back provisions are included in new tax law, they will only be effective as to gifts made on January 1, 2022 or later.

What Should You Do?

With the uncertainty of new tax law being enacted and the possibility of retroactive claw-back provisions therewith, what can you do right now? Currently individuals can gift up to $15,000 to one person, in any given year, without having to pay any gift tax. For example, a married couple with three children could gift $30,000 to each child every year without having to pay any gift tax. If those children have spouses or have children of their own, the married couple can gift the spouses of their children and their grandchildren $30,000 a year as well. Utilizing your annual gift tax exemption each year is a simple yet effective way to decrease the size of your estate and potentially eliminate any estate tax due at death.

Depending on an individual’s wealth and comfort with gifting, another strategy to effectively lock in the current lifetime estate and gift tax exemptions of $11.7 million per individual is to make gifts beyond the $15,000 annual gift exemption amount. In turn, gifts in excess of $15,000 per person lock in your lifetime estate and gift tax exemptions. For individuals seeking to avoid handing money to children who may not be ready yet, a “Crummey” trust – a trust named after the famous case Crummey v. Commissioner, 397 F.2d 82 (9th Cir. 1968) – may be a viable option. A Crummey trust contains a right of withdrawal which is designed to give beneficiaries a present interest in the trust and allows the grantor, the creator of the trust, to effectively make completed gifts to loved ones yet ensure the gifts are managed appropriately.  Notably, a Crummey trust allows the grantor to direct what age(s) the beneficiaries will be paid out of the trust; a common distribution scheme is to distribute 1/3 of the trust principal at age 25, 1/2 of the balance at age 30, and the total remaining balance at age 35.

Another option used to lock in current exemption limits is to gift up to the exemption amount to a Spousal Lifetime Access Trust (SLAT). SLATs may be a better option for individuals who are not ready to outright part with their money. SLATs are used to address the possibility of the grantor needing access to the property transferred, as they provide direct access for the grantor’s spouse, thereby allowing indirect access for the grantor through his or her spouse. In addition, SLAT provisions can be drafted to allow the grantor to swap assets to and from the trust, as well as take loans from the trust.  A solid marital relationship is essential for a SLAT, as any gifts to the trust may be unrecoverable in the event of divorce.

For folks who have already locked in every dollar of their lifetime estate and gift tax exemption amounts, there may still be more you can do this year. In 2020, the lifetime estate and gift tax exemption amounts were $11.58 million per individual. In 2021, the exemption amounts increased to $11.7 million. Thus, everyone can lock in an additional $120,000 this year to be passed tax-free.

In conclusion, while it is too early to tell exactly what the Biden Administration will do regarding taxes, given the low probability of retroactive tax law during 2021, clients should not fear implementing new estate planning strategies to maximize the use of their tax exemptions and achieve their estate planning objectives.  Contact a member of our estate planning team today to schedule a consultation to find the right solution for you and your family.

 

2020-2021 Leadership South Dakota Experience

April 12, 2021 • Boyce Law Firm, LLP

Attorney, Jason Sutton, had the opportunity to attend the 2020-2021 Leadership South Dakota Experience spanning from September 2020 to March 2021. Boyce Law Firm is a proud sponsor of Leadership South Dakota and has had Attorneys participate multiple times over the past 7 years.

 

Rick and Valerie Mellmer are responsible for keeping the program alive. Each year, they put together opportunities for their class that the average person would not be able to experience on their own. Classes are composed of 50% Leadership South Dakota members and 50% state-wide applicants, all chosen at large. The Mellmers do their best to include a variety of professional and geographically diverse members in order to expose each person to things they wouldn’t normally see and listen to speakers they haven’t already heard. The opportunity to work with people of different backgrounds and personality types give our classes the chance to grow professionally. They gain an understanding of others’ thoughts through public speaking and the DiSC® assessment.

Jason’s experience began in Pierre, SD where he and his classmates met with the South Dakota State Governor, Kristi Noem, Chief of Staff, Tony Venhuizen, the heads of various state agencies, and a tour of the South Dakota History Archive Museum. This gave them a front-row seat to learn from some of the most influential leaders in our state. Their exposure to great leadership didn’t stop there.

The 2020-2021 Leadership South Dakota class were committed to meeting once a month for three consecutive days during the eight months of their experience. According to LeadershipSouthDakota.com, the class traveled the State of South Dakota to “expand their knowledge, meet extraordinary leaders and develop skills to contribute to South Dakota’s success”. Education came from within the class as it was compiled of leaders from a multitude of industries including health care, banking, insurance, education, marketing, etc.

A long-term mission for Boyce Law Firm is to seek any involvement that helps improve not only Sioux Falls, but the State of South Dakota. To learn more about how the people of Boyce Law Firm give back to the community, please visit our individual lawyer pages on our website, BoyceLaw.com.

Boyce Law Firm is Proud to Announce their 2020 Award Winners

November 5, 2020 • Boyce Law Firm, LLP

(SIOUX FALLS, S.D.) – Boyce Law Firm would like to congratulate their 2020 award winners. Nominated by their peers, several Boyce Law Firm attorneys have received awards for their outstanding performance in the highly respected publications Best Lawyers, Super Lawyers, Martindale-Hubbell and Chambers & Partners. 

 

 

  • Jennifer E. Bunker – Martindale-Hubbell Distinguished Attorney Award
  • Patrick J. Knecht – Martindale-Hubbell Notable Attorney Award
  • Charles A. Larson – Super Lawyers Rising Star and Martindale-Hubbell Preeminent Award Winner
  • Lisa K. Marso – Best Lawyers in Employment Law: Management, Super Lawyers Top Rated Employment & Labor Attorney, Martindale-Hubbell Distinguished Attorney Award, and Chambers & Partners Notable Practitioners in Labor & Employment Law
  • John P. Mullen – Martindale-Hubbell Distinguished Attorney Award
  • Matthew D. Murphy – Best Lawyers: Ones to Watch list and Martindale-Hubbell Preeminent Attorney Award
  • Roger A. Sudbeck – Best Lawyers 2020 Lawyer of the Year, Best Lawyers Defense work in Medical Malpractice Law, Personal Injury Litigation and Professional Malpractice Law, Super Lawyers Top Rated Civil Litigation Attorney, Martindale-Hubbell Preeminent Attorney Award, and Chambers & Partners Notable Practitioners in General Commercial Litigation and Medical Malpractice Defense
  • Jason R. Sutton – Super Lawyers Rising Star, Super Lawyers Top Rated Business Litigation Attorney, and Martindale-Hubbell Distinguished Award Winner
  • Michael F. Tobin – Best Lawyers in Litigation: Construction, Super Lawyers Rising Star, Super Lawyers Top Rated Insurance Coverage Attorney, and Martindale-Hubbell Preeminent Attorney Award
  • Paul W. Tschetter – Super Lawyers Rising Star, Super Lawyers Top Rated Construction Litigation Attorney, and Martindale-Hubbell Distinguished Award Winner
  • Thomas J. Von Wald – Martindale-Hubbell Distinguished Award Winner
  • Thomas J. Welk – Best Lawyers in Administrative/Regulatory Law, Litigation (Bet-the-Company, Commercial, Antitrust, Banking and Finance, Labor and Employment, Regulatory Enforcement–SEC, Telecom, Energy), Energy Law and Health Care Law, Super Lawyers Top Rated Business Litigation Attorney, Martindale-Hubbell Preeminent Attorney Award, and Chambers & Partners Notable Practitioners in General Commercial Litigation
  • Gregory H. Wheeler – Super Lawyers Top Rated Construction Litigation Attorney and Martindale-Hubbell Preeminent Attorney Award

Boyce Law Firm is committed to caring about the people we represent and building relationships that grow and evolve over time. We seek to employ lawyers with these values to better serve the clients who trust us.

Highlights of the CARES Act

July 14, 2020 • Boyce Law Firm, LLP

Coronavirus Aid, Relief, and Economic Security Act

The CARES Act was signed into law on March 27, 2020, in response to the 2020 COVID-19 pandemic.  It includes temporary rules to provide tax savings to individuals and businesses affected by the economic slowdown resulting from efforts to slow the spread of the virus.  Most CARES Act provisions are aimed at providing temporary but sustainable cash flow to individuals and businesses.  The Act also includes some tax incentives designed to promote charitable giving. The new rules can significantly impact your estate plan as the country weathers the COVID-19 pandemic.

 

Retirement Plans

The CARES Act includes new distribution and loan options for those adversely impacted by coronavirus.  Most significantly, early distribution penalties will be waived under certain circumstances.

RMD. Required Minimum Distributions (RMD) are waived for the calendar year 2020 for participants in 401(k), 403(a) and (b) plans, 457, and IRAs.  Unfortunately, this is not available for defined benefit plans.  Individuals who have already taken RMD for 2020 are not allowed to repay it into their retirement plan.  However, these individuals may still avoid income tax on the RMD already received by rolling it over into a new IRA within 60 days of the distribution.

Penalty-Free. The 10% early distribution penalty tax that would otherwise apply to the majority of distributions made before a participant turns age 59 ½ is waived for “coronavirus-related distributions” (CRD) made at any time during 2020 from qualified retirement plans for distributions of up to $100,000. The distribution option is permissive, not mandatory, for eligible plans such as IRAs, 401(k)s, 403(a) and (b) plans, and 457 plans.

This option is not available for all taxpayers. Rather, is available for qualifying individuals who are diagnosed with coronavirus, or whose spouse or dependent has been diagnosed with it, or who has experienced adverse financial consequences from a coronavirus-related quarantine, furlough, layoff, work reduction, business closure or reduction in hours (for business owners) or an inability to work due to lack of child care related to coronavirus. The distributions will be subject to income tax, but the qualifying individual may opt to spread the payments evenly over three years rather than having to pay it all in 2020. The participant may also recontribute the distributed funds to the retirement plan or another retirement plan (with an exception for 457 plan distributions), by a single rollover or multiple rollovers, within three years of the date of the distribution regardless of any contribution limit established by the plan.

Plan Loans. Additionally, loan limits from qualified plans have been increased.  Qualified individuals can borrow up to the lesser of $100,000 or 100% of the participant’s vested account balance, up from the previous limits of $50,000 or 50%.  However, loans are not permitted from IRAs. For qualified individuals with existing loans from a retirement plan due to be repaid by December 31, 2020, the participant has the option to delay repayment by one year.

 

Charitable Giving

Charitable giving deceased following changes to the tax code in 2017.  In an effort to encourage more philanthropy, the CARES Act includes a number of incentives to encourage individuals to provide assistance to charitable organizations supporting individuals and businesses most affected by the coronavirus crisis.

Most significantly,

  • Taxpayers are permitted to claim a $300 above-the-line deduction for cash contributions made to public charities during 2020.
  • Taxpayers who itemize deductions and make cash contributions to any public charities during 2020 are not limited to the usual deduction of 60% of modified adjusted gross income (AGI) Instead, the deduction could be as much as 100% of their AGI. Carryforward is also available for taxpayers who make contributions exceeding the 2020 limit. Unfortunately, this favorable treatment is not available for contributions from private foundations or donor-advised funds.

 

More to Come

The pandemic appears to be far from over.  Congress and the Trump Administration may likely enact additional legislation to provide relief for both individuals and businesses. The items addressed in this article are just the tip of the CARES Act iceberg.  And there will be more to come.  Check back to our website for further updates, or feel free to schedule an appointment with Brian K. Kirby to discuss how you may adjust your estate plan in response to these developments.