Many of our clients are charitably inclined, and incorporate charitable planning into their overall estate planning. This can be as simple as making gifts to charities during life or via specific bequests in a Will. In addition, clients create donor advised funds and family foundations. They also implement charitable remainder trusts and charitable lead trusts
The coronavirus outbreak, the subsequent passage of the CARES Act by the federal government, and current low interest rates have changed the landscape of charitable contributions and planning in 2020.
The CARES Act changes the limitations on charitable giving to encourage individuals and corporations to make cash contributions to public charities.
- Above-the-line deduction
The new tax bill passed by Congress is expected to be signed into law by President Trump in the next few days. Based on the changes that will take place as of January 1, 2018, there are several items that taxpayers should consider implementing prior to December 31, 2017.
Please note that each taxpayer’s situation…