Let’s work together to empower your clients and enhance your practice while building a community where all have the chance to thrive.
At the Community Foundation, we’re committed to keeping you and your clients informed on the latest developments in charitable giving. Here’s what’s new:
Increased IRS Audits: The IRS plans to step up audits of wealthy taxpayers. We’re here to assist you and your clients in navigating the requirements for valuing gifts to charity.
Estate Tax Exemption Changes: Anticipated sunset of the estate tax exemption is on the horizon. We can help incorporate charitable giving vehicles to mitigate potential impacts.
IRS Scrutiny on Charitable Lead Trusts: The IRS is closely examining aggressive techniques involving annuities within charitable lead trusts. We’ll keep you updated as more information becomes available.
We continue to monitor the IRS’s proposed regulations on donor-advised funds closely. Witnessing the advocacy of our fellow community foundations, who united to highlight the negative effects of the proposed regulations, was truly remarkable.
Tax-Savvy Giving: Celebrate Variety
When contributing to a fund at the Community Foundation or another charity, consider these tax-savvy alternatives:
- Marketable Securities: Donate long-term appreciated stock to avoid capital gains tax and easily support your favorite causes.
- Closely-held Business Interests: Transfer these for a charitable deduction and potential income tax reduction upon future sale. Contact us early for maximum benefits.
- QCDs from IRAs: For clients 70½ or older, direct up to $105,000 (2024) from an IRA to charity, counting toward RMDs and avoiding income tax.
- Real Estate: Donate property to benefit from income tax deductions and capital gains tax avoidance. Options include outright gifts, bargain sales, or transfers to charitable remainder trusts.
- Life Insurance: Name a fund as the beneficiary or transfer whole life policies, potentially making tax-deductible premium contributions.
- Other Alternative Assets: We accept oil and gas interests, negotiable instruments, cryptocurrency, artwork, and collectibles.
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