Page 123 - September2021

FINANCIAL PLANNING
THE 63 NAMES THAT POOLED TOGETHER TO BUY WINALOTA CASH IN THE 2001 HERITAGE PLACE WINTER MIXED SALE
Dr. Blodgett
Luke and Cindy Knox Joel Pearce
Roger Daly
Joe & Roberta Duarte Billy Peterson Carmen Grimes
Stacy Charette
David Calson Whoa.com, LLC Royal Vista Equine Curt Tuggle
TRACK Magazine
OQHRA
Jim Bowen
Connie Hall
Mike Taylor
Curt Fuggal
Buddy & Patty Newsome Mike & Connie Nobles Ben & Christine Hudson Mike Stewart
Joe Ward
TQHA
Heritage Place
Blane Schvaneveldt
Double Bar S Ranch Walt Fletcher
Gwen Eaves
John Shaw
Joe Muniz
Butch Wise
Mike Abraham
Dr. Jill Morgan
Carl Pevehouse
Philiip Stewart
John & Kathy Rentz Robert & Karen Nunally Bobby Cox
Jim Markum
Sam Crosby
Joe Allen
Belle Mere Farms
Burns Ranch
Same Applebaum
Frank Richardson Ruidoso Horse Sale Co. Robicheaux Ranch
Terry & Julia Bell Southwest Stallion Station Ed & Mary Kayler
James Pruitt
Gene Ralston
Jones Bloodstock Ins Agency J. Windham
J. E. Jumonville
Jimmy Eller
Jim & Dena Pitts
Harold Chanault
Jim & Marilyn Helzer
Bud Hill
Orvil & Betty Doll Samantha & Marc Pehl
P. K. Thomas
Scarlett Hill Farms
funds for your favorite causes. You are also able to get your children involved as advisors to research entities for future donations.
These suggestions can be very important to consider with the Biden Administration looking to lower the federal estate exemption. Currently, an individual can pass down
$11.7 million to their heirs tax free ($23.4 million for a couple.) However, it is very likely that the Biden Administration is going to bring that luxury to an end. There is talk of the exemption being lowered to $3.5 million. This would create an issue for many Americans. The tax on the inherited assets above the exemption could be as high as 40%. Nothing is set in stone yet, but we are monitoring this issue very closely.
The nice thing about these charitable giving opportunities is that you are
allowed to choose any charity you feel
like supporting. The first rule is to always determine if a charity is registered as a 501(c) (3) by the IRS. In the event of an audit, you don’t want to find out that your charitable deduction has been disallowed because the so-called charity was not officially registered. The 63 individuals that I mentioned above felt like it was the right thing to do to purchase Winalota Cash after his amazing career to ensure he could live out the rest of his days in peace. There are dozens of equine retirement farms that are registered 501(c) (3)’s and can accept donations to allow past race horses a comfortable life after their racing career is over. If there’s something similar that you feel inclined to support, the charitable giving options I explained could be very beneficial to you and the organization you choose to support.
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