Charitable Giving Blog Posts

On July 4th, the One Big Beautiful Bill (OBBB) was signed into law. The effects on taxes are wide-ranging, and there has been much commentary on tax brackets, changes to the state and local tax (SALT) deduction, and other aspects of individual taxes. What has been less discussed prior to passage and signing are changes to the deductibility of charitable gifts. Here are the highlights. Charitable gifts can be deductible even if you don’t itemize… to a point Taxpayers who choose not to itemize th

Despite what many people may think, you do not need to be an ultra-wealthy philanthropist to give efficiently and with purpose. If you’re looking for a smarter way to give, Donor Advised Funds (DAFs) can offer substantial tax savings without compromising flexibility. This guide breaks down what DAFs are, how they work, why they have become so popular, and what you should consider before opening one. If you’re already familiar with the benefits of other tax-advantaged accounts like 529 college s

For those with an Individual Retirement Account (IRA) and a commitment to charitable giving, there is a hidden gem in retirement planning: the Qualified Charitable Distribution (QCD). Whether you’re currently 70½ or older, approaching that age, or guiding family members through smart retirement giving strategies, QCDs can provide thousands (often tens of thousands) worth of tax savings. This strategy is especially valuable for retirees who do not itemize deductions, as it provides a tax benefit

This article was originally published by Acumen on December 18, 2024 We spoke with Acumen Partner Randy Kaufman about why making an estate plan that includes Acumen should be a priority and how to get the next generation involved in charitable giving. Q. You’ve been involved in philanthropy since the ‘90s. Can you tell us about your charitable giving journey and what brought you to partner with Acumen? A. My philanthropic journey started in the nineties when I saw extreme poverty during my trav

As you begin to think about selling your business, excitement about what your life will look like after the sale may be tempered by the reality of a significant capital gain recognition event. One way to manage some portion of the potential income tax consequences of a sale is through philanthropy. Thoughtful charitable planning may provide both meaningful capital gain management and an opportunity to give back to the community that allowed you and your business to thrive. You may make a charit

What is a Charitable Lead Annuity Trust (CLAT)? A charitable lead annuity trust (“CLAT”) is a type of charitable trust whereby a charity, donor advised fund, or foundation of the grantor’s choosing (the “Lead Beneficiary”) receives annual payments, either for a term of years or the grantor’s lifetime. At the end of this defined period, the remaining CLAT assets are distributed to the CLAT’s non-charitable beneficiaries, who are usually the grantor’s descendants, or trusts for the descendants’ b

Charitable giving is an important part of life for many clients. Whether donating money or property, dedicating time and effort, or a combination thereof, giving is a way to promote values and leave a legacy for future generations. Charitable giving can also be a valuable part of the overall financial plan, and understanding some basic ways to give can add significant economic efficiency to benefit the donor and their family for the long-term. On the strictly financial side, the 2017 Tax Cuts a

As summer ends and we look toward the Fall, you should aim to maximize your opportunities to transfer wealth to your children or grandchildren, accomplish your charitable goals, and engage in smart income tax planning. With that in mind, here is a checklist of five action items to consider before year-end. See an update on year end planning tips here. 1. Make Annual Exclusion gifts: The IRS gives you a gift tax annual exclusion each year, and in 2022, the annual exclusion is $16,000 per donee.