Planned Giving

The Tax Cuts and Jobs Act

The Short Answers

Itemize, give stock, and make sure that you are talking to your advisors and us about supporting ANCSS, BAC, GC through the best giving vehicles for you!

Are the Deductions Still There?

First, the new tax law still allows you to deduct charitable gifts and raises the cash gift deduction ceiling to 60%* of your adjusted gross income. While the law is intended to reduce your incentive to itemize by increasing the standard deduction, (for single filers, the standard deduction jumps to $12,000; for married couples filing jointly, $24,000), it also reduces many people's deductions for mortgage, real estate and state and local tax deductions.

*100% for 2020. See CARES Act.

"So, What Does This Mean to Me?"

That means that charitable gifts may be even more beneficial for many people to balance their tax burden with their take-home income, especially giving through one's retirement plan.

If you are facing uncertainty as you approach giving in 2024, let us help!

The Simple Gift Through Your Will (Bequest)

Finally, a simple bequest allows us to continue to do the work you love for years. Ask us how a bequest, or beneficiary designation gift today can make your impact last forever. A retirement plan beneficiary designation gift is easy, doesn't require an attorney to accomplish and allows you to leave other assets to your loved ones without the tax implication of leaving your IRA to them.

What's best? It is a gift that costs nothing during your lifetime!

In Summary… Five Quick Tips

  • Make Itemizing Work for You
    If your itemized deductions are nearing the new standard deduction ceiling, increase or aggregate your charitable gifts over multiple years to make itemizing work for you.
  • Easiest Gift There Is
    Rely on a simple bequest, which can still be used to make a significant gift that costs nothing during your lifetime. Talk to your advisor to find the best way to meet your objectives.

More Information

For more information, please contact us and we will be glad to assist you.