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The Advise Us Foundation blogs about donor-advised funds and other planned strategies and techniques including charitable remainder trusts and charitable lead trusts. We offer this charitable giving information as a resource for donors, professionals, and charities that provide and plan gifts to non-profit organizations.

To itemize or not itemize? Either way a question with great answers for charity

The Tax Cuts and Jobs Act of 2017 was the first major legislative change to the tax code since 1986. While many of its’ changes left how the charitable deduction worked unchanged, the doubling of the standard deduction is predicted to reduce the percentage of taxpayers who itemize from 30% to 10% which effectively removes two-thirds of taxpayers who could have used the charitable deduction in 2017.  This reduction has made many taxpayers in 2018 to ask the question of whether to itemize or not itemize their deductions.  The good news is that there are still great taxwise ways to give to charity, either way, you answer that question. Idea to consider if you don’t itemize- gift from your IRA If you are 70 ½, you are able to make a charitable contribution, up to $100,000, to a public charity of your IRA and not incur the distribution as taxable income.  You are not able to deduct the amount as a charitable contribution (but you would not be able to anyway as you are not itemizing your deductions) nor can you contribute it to a donor advised or a private foundation.  Please know that these are just the basic details and you will need to discuss this technique with your advisor before implementing.  And good minds differon the value of this strategy.  Idea to consider if you do itemize- bunching a gift to a donor advised fund If you are going to itemize your deductions this year, and might not do so next year, then you should consider a donor advised fund(DAF).  With a DAF, you are able to claim...

Support Your Favorite Nonprofit in a Particularly Meaningful Way!

A little planning can go a long way.  Did you know that making a planned gift will not only help ensure the health of the organizations you support long into the future, but can also provide benefits to you?

What exactly is planned giving?  And, how can you benefit from it?

In short, a planned gift is the type of gift that requires a little more thought than simply writing a check or processing a credit card.  It’s a gift, as the name implies, that you’ve planned for – you’ve given consideration about from where and how the gift will be received.

The New Tax Law’s Effect on Charitable Giving: Separating Fact from Speculation

The Tax Cuts and Jobs Act of 2017 is the legislative centerpiece of President Trump’s first year in office.  The law increases the standard deduction, likely reducing taxpayers’ motivation to itemize deductions. While experts differ, most expect this change to have a negative effect on charitable giving.  Donors who care about the mission and futures of the nonprofits they support should pay attention to what’s a fact, and what’s speculation, about the potential effects of this far-reaching act.