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mortality tables (2)
IRS Announces New Mortality Table for Computing Planned Gift Deductions
Published by
Bill Laskin
on
On May 5, the IRS finally published proposed regulations that update the mortality assumptions used to compute the value of annuity interests, unitrust interests, income interests, and life estates. The updated mortality table, 2010CM, is based on data from the 2010 U.S. Census. The current mortality table, 2000CM, is based on data from the 2000 U.S. Census. It has been 13 years since 2000CM went into effect, despite a Section 7520 requirement that the mortality table for valuing annuity interests, etc. be updated no less than every ten years. Update: On June 1, 2023, the IRS made public final regulations governing the use of 2000CM and 2010CM. The finalized rules are discussed here.
6 minute read
Beware Dramatic Increases in Estimated Gift Annuity Liabilities
Published by
Jeffrey Frye
on
[NOTE: The following is based on a true story.] Some of the numbers just didn’t make sense. It was that most wonderful time of the year for a non-profit organization – the closing of the June 30 fiscal year! Almost like Christmas in July, everyone was busy reviewing tally sheets and running various reports in an effort to provide comprehensive information about the gifts received over the previous 12 months. With outright gifts, of course, the process was fairly straightforward – whatever was received, for the most part, was counted with a few exceptions. With life income gifts, however, the process was a little more complicated, since the organization needs to report the total funding amount, the estimated liability, and the estimate of the charitable remainder.
FASB,
gift annuity readiness,
charitable gift annuity,
gift annuity payments,
annuity reserves,
mortality tables,
gift annuity liabilities,
estimated gift annuity liabilities
3 minute read
Life Expectancy Is Not a Guarantee
Published by
Bill Laskin
on
Our Client Services staff regularly takes client calls that go something like this: Client: I think your software is giving me the wrong deduction. PG Calc Client Services: Can you please explain what you mean? Client: Sure. My donor is 75 years old, so her life expectancy is 11.1 years using the 2000CM mortality table. I know the deduction calculation uses the 2000CM table but when I compute the deduction for a 5% unitrust with a fixed term of 11.1 years, I get a lower deduction than when I compute the deduction for the same unitrust that lasts for my donor’s lifetime. That doesn’t make sense! It does, actually. Let me explain.
1 minute read
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