JUNE - JULY 2022
Upcoming events
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Dear Friends,
What are you doing this summer? If your plans take you out of town, have a great trip and safe travels. On the other hand, if you are staying local, enjoy all that the region has to offer. For those of us in the Chesapeake Planned Giving Council (CPGC) area, outdoor gatherings at the beach or other waterway come to mind. Of course, we must have steamed crabs, corn on the cob, and family and friends.
With vacation in mind, let’s take a look at what has been happening with CPGC lately. Here are some recent highlights:
• June 14th-15th, the National Association of Charitable Gift Planners (CGP) had their 2022 Council Leadership Summit. I attended the virtual event and it was fantastic. Council leaders were in attendance from every corner of the United States. There were several significant takeaways from the Summit that CPGC can use to expand programming for educational events and offerings. We look forward to sharing with you the new ideas in the coming months.
• CPGC had a matching gift campaign that resulted in more than $3,000.00 being raised in support of educational programs and events. The matching gifts campaign ended on June 9th. CPGC thanks all of our supporters and those who contributed to this matching campaign.
• CPGC welcomes three new members to the Board. These are exciting times for CPGC. Fellow directors, Leslie Goldsborough, III, John A. Gilpin, J.D.,CAP®,AEP®, Rock Schuler, CFRE, Steven Wantz, and I, look forward to working with the new directors:
- Director Zachary Heeter, The Village at Augsburg
- Director Rosemary Calderalo, Community Foundation of Anne Arundel County
- Director Angelia Rowe Garner, Esq., CAP®, Law Office of Angelia Rowe Garner, LLC
Put this event on your calendar and join us for our summer Lunch and Learn on July 20, 2022, 12:00 PM - 1:30 PM, Village at Augsburg, 6825 Campfield Road, Baltimore, MD, 21207:
Planned Giving Expert Dr. Rosemary Calderalo will help you shift your organization and its development efforts to achieve a robust, sustainable, planned giving program. Join your colleagues at 12 noon to network over lunch-- whether in-person or virtually-- as the program will be offered in a hybrid format! Our program will then begin at 12:30 p.m.
Lastly, I hope you take some time to get out of the office for a vacation - to unwind from the daily grind of meetings, calls, emails and projects. Renew, refresh and enjoy the summer!
All the best,
Aquanetta Betts, J.D.
CPGC President
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IRS Releases July Discount Rates On a monthly basis the IRS releases discount rates, otherwise known as Applicable Federal Rate (AFR), which are used for federal income tax purposes. AFR is listed near the end of the month -- around the 20th -- and is applicable for the following month. For example, August's rate will be announced near the 20th of July. When applying these rates to your charitable deduction calculation, be mindful the rate given is applicable for the month in which the gift is made.
Visit IRS website to see full rates. |
Help Me Choose an Executor of My Estate
Reprinted from the Academy of Managed Care Pharmacy [AMCP] Foundation
As an executor, the main responsibilities are to:
- Notify all interested parties and agencies of your loved one’s passing.
- Hire an attorney, at the expense of the estate, to guide you through the probate process, if necessary.
- Locate the will and file it in court.
- Notify the beneficiaries named in the will.
- Inventory all assets and have them appraised, if necessary.
- Collect all debts owed to the estate.
- Pay valid claims against the estate.
- File tax returns.
- Distribute assets and obtain receipts from the beneficiaries.
- File papers to finalize the estate.
How to Select the Right Person
Part of the will planning process is selecting the person to fill the critical role of executor—and who you think is up to the task. The best person for the job is someone who is responsible, organized and trustworthy. Common choices are a spouse, an adult child, a sibling or a close friend.
Talk with the person you’re considering and make sure they are willing to accept the responsibilities. Part of your discussion should include your values and philanthropic vision so it’s clear what is important to you.
If you don’t have a friend or relative you trust to complete these duties, you can name a bank or trust company to settle your estate for a fee. Many banks have expertise administering estates, especially large estates.
Tip: It’s a good idea to select a backup person in case your first choice is unavailable or unable.
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