DAF Legislative Updates + Giving Back in Brevard

Let’s work together to empower your clients and enhance your practice while building a community where all have the chance to thrive. 🌎

DONOR-ADVISED FUNDS: LEGISLATIVE UPDATES

Our team tracks legislation, legal developments, and news for all types of charitable giving so fundholders and advisors have the latest information.

Donor-advised funds (DAFs) are currently a hot topic in financial and estate planning and philanthropy due to proposed IRS regulations issued last year. Public hearings are scheduled for May 6, 2024. These proposed changes, if passed, will impact how philanthropy operates across the nation.

These giving vehicles are one of the various fund options at the Community Foundation. This type of fund enables clients to swiftly transfer cash or marketable securities for an immediate charitable dedication and allows your clients to suggest donations to preferred charities from their fund to address emerging community needs or support the causes they care about most.

Outside of the Community Foundation, these changes would also impact other charities your clients may be giving to. The following article does a great job of showing the impact of these potential changes: https://www.fa-mag.com/news/charities-may-find-it-impossible-to-meet-proposed-federal-relugations–attorney-says-77102.html

We’ll share updates as this critical conversation and topic develops.

PEOPLE WHO LOVE BREVARD LOVE GIVING BACK

Your charitably-minded clients have no shortage of giving options. From national charities to alma maters, there are many opportunities to give.

As you know, many philanthropists are deeply vested in the local community where they live now, raised their children, or built a business. For your clients who may be interested in giving back to the community they love, the Community Foundation ensures their dollars are making the biggest difference possible, right here in Brevard or wherever they wish to give.

We can share insight into the challenges Brevard faces right now and which organizations are delivering services to alleviate those needs so your clients can provide support through their donor-advised funds.

Alternatively, a field of interest, designated or unrestricted fund (which can be highly customized and named) may be a good fit for clients who want to see general community improvement. These types of funds are also eligible to receive qualified charitable distributions (QCDs), so they may be especially interesting for individuals who are 70 1/2 or older who may be eligible to make annual distributions up to $105,000 per spouse from their IRAs. As you know, QCDs count toward satisfying Required Minimum Distributions (RMD), so your client can avoid the income tax on the RMD while realizing philanthropic and financial goals. And, since the assets are no longer part of the client’s estate upon passing, estate taxes are avoided too.

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