Planned Giving

Your act of generosity, our longevity

With planned giving, you can provide long-lasting support for Boys & Girls Clubs of South Puget Sound while enjoying financial benefits for yourself.

Text Resize
Print
Email
Subsribe to RSS Feed

Sunday October 21, 2018

Washington News

Washington Hotline

Social Security Benefits Increase by 2.8% in 2019

The Social Security Administration recently announced the cost-of-living increase for Social Security benefits in 2019. The 2.8% increase is the largest boost in six years. The cost-of-living increase was 0% in 2016, 0.3% in 2017 and 2% in 2018. Over 67 million Americans receive Social Security and will enjoy an increased check in January of 2019.

The average 2018 Social Security payment of $1,400 per month will increase by about $39. Social Security recipients with larger payouts will appreciate a greater increase in the value of their benefits.

Military retirees will also receive a 2.8% cost-of-living increase. Veterans benefits for disability pay and dependents' compensation will also benefit from the 2.8% increase.

House Veterans Affairs Committee Chairman Phil Roe (R-TN) was clearly pleased with the decision by Congress to pass legislation to give military retirees and veterans the 2.8% increase. Because the increases in military benefits are not automatic like the Social Security changes, they require an act of Congress. Roe stated, "So many veterans rely on disability compensation payments to make ends meet, and this cost-of-living adjustment means they will be able to continue to do so."

The Center for Medicare and Medicaid announced increased Medicare Part B premiums for 2019 this week. The basic Medicare premium will increase by $1.50 from $134 to $135.50 per month.

Low-income Social Security recipients (about 4% or 2 million individuals) will pay less than $135.50. Their Medicare premium is limited to the increase in Social Security.

Upper-income recipients of Social Security (about 5% or 3 million individuals) will pay higher Medicare premiums. The Medicare premium surcharge is based on modified adjusted gross income (MAGI).

Single filers with MAGI over $85,000 and married couples filing jointly over $170,000 will pay a Medicare surcharge. For single taxpayers, the Medicare premium increases to $189.60 with MAGI over $85,000. The single filer surcharge tops out with a total monthly cost of $460.50 if MAGI is over $500,000.

For married couples with MAGI over $750,000, the Medicare surcharge is $460.50 per month. The annual Medicare premium for these couples is $11,052.


Published October 12, 2018
Print
Email
Subsribe to RSS Feed

Previous Articles

October 15 Tax Extension Deadline

Avoiding Tax Scams Before October 15

IRS Relief for Hurricane Florence Victims

Protect Yourself from Hurricanes, Floods and Tornadoes

Warning Signs of Data Theft

scriptsknown

Gift Options

Donor Stories

Learn how others have made an impact through their acts of giving to our organization and others. Explore the many benefits of charitable gift planning.

more

How to Give

Learn how to make a gift that provides tax benefits and even life income.

more

What to Give

Find out what type of assets make the best planned gifts. Learn about gifts of cash, securities and property.

more

Planned Gifts Calculator

View a presentation that shows the benefits of a planned gift based on your property and goals.

more

News

Personal Planner

Bequests to Your Favorite Charity Bequests to charity are the most popular type of planned gift. A donor may retain assets during life and then leave a...

more

Finance News

Hewlett-Packard Continues Resurgence Treasuries Rise on Mixed Economic Data Interest Rates Stay Low

Savvy Living

Personal Tech Products Designed Specifically for Seniors. Can you recommend any tablets, smartphones or computers that are specifically designed for seniors? I would like to buy...

more

Washington News

IRS End-of-Year Tax Tips

In IR-2014-110, the IRS offered tax tips for end-of-year charitable giving. 1. Household or Clothing Gifts ? These items must be in good used condition or better..

more

For Advisor

Advisor Resources

We have a complete tax update service for CPAs, attorneys, CLUs, CFPs, ChFCs, trust officers and other professional friends.

more

Deduction Calculator

The GiftLaw Calculator is a planned gifts calculator for professionals that follows the IRS format

more

Private Letter Ruling

Estate Distributes to Foundation without Self-Dealing

Decedent formed Company and subsequently formed Irrevocable Trust...

more

Washington News

IRS End-of-Year Tax Tips

In IR-2014-110, the IRS offered tax tips for end-of-year charitable giving. 1. Household or Clothing Gifts ? These items must be in good used condition or better.

more

GiftLaw Pro

Charitable Tax Reference

GiftLaw Pro is a complete charitable giving and tax information service inside the GiftLaw website...

more

Case of the Week

Living on the Edge, Part 4

Rhea Jones, 75, lives in a beautiful coastal town in northern California. Rhea?s home occupies three...

more

Article of the Month

Gifts of Pass-Through Business Interests

A charitable gift of a business interest can make a wonderful gift to charity. At the same time,...

more