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Throughout the year, in our Women, Money, and Mindset columns , we have tackled some of life’s most pressing financial challenges. Every month, we have delved into a financial issue that touches the lives of our readers, offering, each week, a distinct insight from the differing viewpoints of a Certified Financial Planner, an attorney, a CPA, and an executive business coach. From navigating the financial markets and business strategies to estate planning and tools to cut taxes, our goal has always been to provide clear, practical, actionable advice to take to your trusted professionals so you take the next steps to grow your wealth and increase your financial security. In this final installment of the year, the issue is giving, and the topic this week is Charitable Gift Annuities. It is a strategy that can address multiple financial and tax planning issues while supporting the causes that matter most to you. Unlike giving away cash or assets and not receiving anything in return, with a CGA, if you donate to a 501(c)(3) qualified charity, in return, you receive two powerful benefits. First, you can qualify for an immediate tax deduction for part of the contribution. Second, you receive a dependable, fixed income from the charity for the rest of your life. The minimum contribution is usually only $5,000, so it is an accessible planning tool for most people. Before diving into more specifics, let’s see how a CGA can help with some specific financial and tax planning concerns you might have: —You want to give more to your house of worship or favorite charity but are concerned about not having enough income in the future. With a CGA, you can receive guaranteed income for life. —You need a last-minute tax deduction and have maxed out on your IRA or 401k plan contribution for the year. A CGA can act as an alternate retirement plan if you itemize deductions on your return. —You are interested in giving away more to charity but do not want the complications of setting up a charitable trust or naming a trustee. A CGA can be set up in days directly with the charity at no cost to you. —You intend to leave some or all of your estate to charity and would like to have all of your estate planning finalized now. CGAs are especially helpful if you would like to leave your estate to several charities because you can set up annuities with each charity. —You have adequate income now or are not yet retired, but you are concerned about costs later in life, like long-term care. You can receive a larger monthly payment later if you choose a deferred annuity and start the payments at a later date. —If you are concerned about paying capital gains taxes on assets you want to sell, you can avoid or defer taxes if you contribute the asset to the CGA. —If you would prefer your church or favorite charity to have access to some of your contribution now, a CGA is preferable to a charitable remainder trust or bequest that funds after you have died. —If you want to secure the financial future of your spouse, child, or another loved one, CGAs can be set up for the lives of two individuals. This could be especially helpful if you have a child in their 50s or older, and you are concerned about them not having enough guaranteed retirement income. —If you keep most of your funds in the bank but would like to earn a higher return, the charity invests your CGA funds (and generally considered safe) with usually a fixed rate of return that is higher than you would receive on a CD. —You would like to avoid paying taxes on a required minimum distribution, so you are planning on doing a Qualified Charitable Rollover (QCR). New rules will allow you to fund your CGA with a one-time $53,000 QCR. The QCR amount to your CGA will not be included as income on your return, but you can still receive the monthly income benefit from the CGA, and you can defer income further if you choose a deferred CGA. As you can see, a charitable gift annuity checks many financial and tax planning boxes, and it is easy and cost-effective to set up. Now to the specifics. First, you set up the CGA and donate the asset to the charity. The gift is set aside and invested by the charity. You (and also your spouse or other person if you choose a two-person annuity) will receive fixed monthly or quarterly payments for the rest of your lives. The charity can utilize the remaining funds after your death. How much is the tax deduction? The income tax deduction is equal to the amount of the contribution minus the present value of the payments that will be made to the donors during their lives. The charity will handle these calculations for you. How much income will you receive? Current suggested annuity rates range from 4.6-10.1% for those 50 and older, dependent primarily on your age. (In other words, you would receive $4,600 to $10,100 a year on a $100,000 contribution.) For recommended rates and how they are calculated, go to acga-web.org/current-gift-annuity-rates . The amount you would receive is generally fixed and will never fluctuate or adjust for inflation. But it’s also secured by the charity’s entire assets and will continue regardless of how the investments of the annuity perform. Here is an example. Dennis, 75, and Mary, 73, fund a $50,000 charitable gift annuity with appreciated stock that they originally bought for $20,000. They are eligible for an income tax charitable deduction of $17,584. They will then receive a payment rate of 6%, or $3,000 each year for the remainder of their lives. If you contact your church or charity, they will provide you with information regarding the minimum age, contribution requirements, and rates for their annuities. As you can see, a charitable gift annuity is more than just a financial tool-it’s a way to make a lasting difference while providing for yourself and your loved ones. As you plan for the year ahead, I hope this inspires you to take the next step. Wishing you and your family a Happy New Year filled with peace and purpose! Michelle C. Herting is a CPA, accredited in business valuations, and an accredited estate planner specializing in succession planning and estate, gift, and trust taxes. She is also the past president of the Charitable Gift Planners of Inland Southern California.AI tools could make healthcare processes simpler for patients and doctorsTCN boosts power supply in Lekki with new 75MVA transformerShowcasing Italian culture, tradition, cuisine and its position in innovation and agri-tech, the Villaggio Italia exhibition is beckoning visitors at Old Doha Port. Open until Sunday (December 22), the exhibition featuring Italian products is a part of the global tour of the historic sailing ship *Amerigo Vespucci, which arrived in Doha to convey the message of peace and partnership and testify to the diplomatic relations between Qatar and Italy. While opening the exhibition Thursday, Italian Agriculture Minister Francesco Lollobrigida said that the Villaggio Italia is dedicated to featuring the entire Italy with its characteristics. “At Expo 2023 Doha, Italy participated while showcasing the innovations in the agriculture sector and technology,” he said, adding that Italy can help Qatar and the countries in the region attain development in the agriculture sector. "Italy and Qatar have a good relationship in various sectors,” he said. “Italian presence is visible in Qatar in the sports, agriculture and technology sectors,” the minister continued. “Italy is known for innovations in the agriculture sector and high-quality agricultural products. And this expertise can be used by the countries in the region.” “The co-operation can lead to establishing a supply chain to achieve food security,” he said. The exhibition is a journey into the Italian taste and artisan tradition. The “Anima Italia” at the exhibition hosts the vegetable garden of Italian excellence with a space of nature dedicated to typical Italian crops. The corner for distinguished Italian cuisine is a tribute to the rich tradition of Mediterranean cuisine and the authentic flavours of Italy. The Villaggio Italia also offers visitors a unique experience to explore cultural activities where Italian music and art performances welcome the visitors. The *Amerigo Vespucci, the historic sailing ship and training ship of the Italian navy, docked at the Old Doha Port for the first time in its 93-year history. Doha is the 30th stop on the Vespucci World Tour which started from Italy on July 1 last year. The *Vespucci is open to the public free of charge from 10am-11pm, until tomorrow. The ship will depart on Sunday. This is the sixth appointment with the Villaggio Italia after those in Los Angeles, Tokyo, Darwin, Singapore and Mumbai. The event in Qatar is with the support of the Italian embassy in Doha, the Italian Trade Agency, and local partners Qatar Tourism, Katara – the Cultural Village and Old Doha Port. Related Story Italian ship Amerigo Vespucci in Doha Ode to Our Land to screen at Msheireb Downtown Doha
As we approach the end of 2024, the full Cold Moon will shine in the middle of December, bringing a lively social energy just in time for the holiday season. Celebrity astrologer Kyle Thomas, who is known for his cosmic guidance among celebrities, businesses and online influencers, spoke to "Good Morning America" about the best ways to take advantage of this engaging full moon. But first, let's break down the meaning of the Cold Moon and what to know about this particular celestial event. The Cold Moon will arrive on Dec. 15, according to Thomas. The Cold Moon gets its name because December is the month when the weather typically turns cold, according to NASA. The Old Farmer's Almanac states that some Native Americans also called the Cold Moon the Long Night Moon. The second name likely originates from the fact that the full moon in December occurs near the winter solstice, which has the longest night of the year, according to NASA. "The full moon takes a high trajectory across the sky because it is opposite to the low sun, so the moon will be above the horizon longer than at other times of the year," NASA states. The zodiac sign of each full moon is determined by its position in the night sky relative to the astrological signs. This year, the Cold Moon occurs as a full moon in Gemini, an air sign associated with communication, technology, and short-distance travel, according to Thomas. It encourages mental connections, particularly with those in our immediate circles -- friends, neighbors, acquaintances, and siblings. "We will be motivated to express our minds and may be in the process of launching a significant writing, speaking, advertising, digital or social media project," Thomas added. "The pace of life will also quicken rapidly." Rituals and manifestations to try during the Cold Moon Many ancient cultures, from Chinese traditions to Hebrew holidays, celebrate celestial cycles and revere the power of the moon. For instance, Thomas noted that Gemini, an air sign, makes this an ideal time to integrate communication -- whether written or spoken -- into your rituals. "This is a great moment to communicate our desires to the world -- as well as to others," he explained. "Writing down explicit statements, manifestation goals, and plans can be particularly useful. Also, as an Air sign, using smoke, sage, or incense can be excellent tools during meditation or ritual." Potential meditations, mantras or journal prompts: Speak up and speak out, Aries! "You have an important message that you'd like to broadcast to the world. This full moon could help you to launch an important writing, speaking, advertising or social media endeavor to great success. People will be listening!" Thomas said. Wealth is top of mind, Taurus. "Prosperity could soon be on its way," Thomas explained. "The full moon should bring to [ a ] culmination an important financial matter for you - perhaps in the form of a raise, new job offer or large check." Claim your spotlight, Gemini. According to Thomas, "the most important full moon of the year has arrived for you, as you reach an important turning point. Something of vital personal significance will reach [ its ] culmination at this time, perhaps giving you closure that will improve your life going forward." Relax and recharge, Cancer. "This full moon will encourage you to reset your emotional, mental and physical batteries-you've earned it! Lie low and give yourself some much-needed TLC. If you are in need of finding a specialist, therapist or healer, this lunation could also aid you in doing so." Thomas added. Get out and mingle, Leo. "You're always popular, but with this full moon highlighting your friendships, you'll be on the top of everyone's holiday list!" Thomas explained. "You'll likely attend at least one dazzling event where you're the star of the show. Circulate amongst those who you love and make time to show how much you appreciate them." Embrace your success, Virgo. According to Thomas, "A major professional victory could now be within reach. A promotion, new job offer, milestone or opportunity for public praise may present itself near this time. Previous hard work will surely be celebrated." Keep an open mind for a new adventure, Libra. "You could now be ready to soar in a breathtaking new direction-or make plans to do so in 2024!" Thomas said. "This full moon will energize you to slightly shift the narrative of your life and examine what else you'd like to learn. Some Libras will make a decision or hear news regarding an academic, travelling, immigration or media endeavor." It's time to explore your intimacy department, Scorpio. "The full moon will be helping you to get in touch with your most sensitive parts-emotionally and physically," Thomas explained. "If single, you could attract someone who knows how to complete you in every way. If taken, you'll be assessing if your authentic needs are being fulfilled by your partner." Take a closer look at your partnership, Sagittarius. "This full moon will help you to grow closer with someone in business, collaboration or love," Thomas added. "Single Sagittarians may have luck finding a perfect match, so be sure to put yourself out there. Love won't find you if you're not making an effort! Those already committed could decide it's time to make long-term plans, move in, get engaged or even be wed." Get ready to make progress, Capricorn. According to Thomas, "the full moon will make you busier than ever." "You may now be focused upon an important project for your employer that must have final approval," he said. "You could be putting everything you have into completing the task, but be sure to do so, as it could end up making you shine brighter than ever in your boss's eyes." Open your heart to love, Aquarius. "Get excited for a vibrant, romantic period to appear," Thomas added. "Single Aquarians must not let this energy go to waste, as you could find someone who is a soulmate or who lights your heart on fire." Toast to the holidays and reflect on the year, Pisces. "This full moon will bring to [ a ] culmination a domestic, family or real estate matter for you," Thomas said. "Some Pisceans could be hosting a lovely gathering at their home with their kindred. Others may be contemplating a big renovation, redecoration or move now or in the coming year."The Department of Energy (DOE) Office of Clean Energy Demonstrations (OCED) opened applications for up to $1.3 billion in funding to catalyze investments in transformative carbon capture, utilization, and storage (CCUS) technologies. This funding—provided by OCED’s Carbon Capture Demonstration Projects Program and the Carbon Capture Large-Scale Pilot Projects Program—will help to catalyze the development and commercialization of carbon capture technologies with significant investments targeting the design, construction, and operation of large-scale point-source carbon capture projects. OCED aims to use this funding to enhance the confidence of commercial entities in adopting CCUS technologies, broaden the market for electricity generation and industrial emitters, and reduce costs to expand the feasibility of CCUS implementation across facilities. This funding aims to help create good-paying jobs, reduce pollution to deliver healthier communities, and ensure America’s global leadership in developing cost-effective emissions reducing technologies for the nation's electricity generation and industrial sectors. Commercial demonstration of advanced carbon capture technologies, integrated with reliable transportation and storage infrastructure, is necessary for the widespread deployment of carbon capture technologies. For this opportunity, OCED plans to fund up to 11 projects across three main topic areas:Delia Smith's onion gravy is cooked to perfection with 7 simple ingredients
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