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Estate Planning, Charitable Giving
And The Northern California Conference

The Planned Giving Department provides information to individuals that will assist them in using gift planning documents such as Wills, Trusts, Gift Annuities, Power of Attorney and Health Care Directives; that will provide for and protect family members and support God's work in Northern California and beyond.

Our department has received the highest possible accreditation by the North American Division of the General Conference of Seventh-day Adventists and certification for all of our planned giving professional staff. We are committed to assisting you with helpful information regarding the best way for you to benefit through a planned gift and to assist you with planning for the distribution of your estate. Please give us a call at 916-886-5699 and we will be happy to assist you.

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Thursday September 23, 2021

Washington News

Washington Hotline

Advance Child Tax Credit Payments Sent to 35 Million Families

On July 15, 2021, the IRS sent over $15 billion in Advance Child Tax Credit (ACTC) payments. The first set of advanced payments will benefit approximately 35 million families with an estimated 60 million children. Payments will be made each month during the last half of 2021. The payment amount is $300 per month for children under age 6 and $250 per month for children aged 6 through 17.

Treasury Secretary Janet Yellen stated, "For the first time in our nation's history, American working families are receiving monthly tax relief payments to help pay for essentials like doctor's visits, school supplies and groceries. This major middle-class tax relief and step in reducing child poverty is a remarkable economic victory for America - and also a moral one."

The American Rescue Plan increased the credit from $2,000 per child in 2020 to $3,600 for children under age 6 and $3,000 for children from ages 6 to 17. For the first time, half of the credit is also being sent in monthly payments. The balance of the credit will be available when individuals file a 2021 tax return early next year.

Projections show that ACTC payments will lift five million children out of poverty. This could cut America's child poverty in half.

The expanded payments this year will enable an additional 26 million children to benefit. If a couple has a combined income of $60,000 and two children under age 6, the Child Tax Credit will be $7,200. This family could receive six payments of $600 each month for the last half of this year. The remaining $3,600 would be a tax credit when they file their 2021 tax return.

For the July payouts to 35 million families, approximately 86% of the payments are by direct deposit and 14% are checks sent through the mail.

Many low-income families received ACTC payments because they signed up for Economic Impact Payments last year. While most of these individuals have lower incomes and do not file federal tax returns, an estimated 720,000 children will benefit from ACTC payments because their families signed up for Economic Impact Payments.

Other families used the Non-Filer Sign-up Tool on IRS.gov. The IRS has published step-by-step guides in multiple languages about how to use this tool. The IRS also hosted educational events in 12 cities in early July. These events were targeted toward cities with large numbers of households who normally do not file federal income tax returns.

Published July 16, 2021
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Previous Articles

July IRS Events Promote Advance Child Tax Credit Payments

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IRS Will Send Child Tax Credit Letters to 36 Million Families

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Power of Attorney

If you want to be sure that a person you trust will be able to make decisions for you when you are unable to do so, you can create a power of attorney agreement for healthcare or finances. A power of attorney for healthcare allows a person (known as your agent) to make decisions about the medical care you will or will not receive. A power of attorney for finances allows your agent to manage your financial affairs. Your agent must make decisions consistent with what they know your wishes are, even if they personally disagree. If they do not know your wishes on a particular matter, they must act in your best interest. You can give your agent broad authority to make decisions related to your financial or health care needs, or you can limit their authority to certain types of decisions. Depending on your needs, we can help you create a power of attorney agreement that will be active immediately, will go into effect if you become incapacitated, or will only be in effect for a limited time or under specific circumstances.

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