An overview of an important presentation at the 53rd Annual Heckerling Institute on tax saving strategies when making charitable gifts.As a result of the 2017 Tax Cuts and Jobs Act, the estimated number of itemizers has dropped from 37 million to 16 million.This is largely due to the $10,000 cap on the state and local tax deduction and the increasedstandard deduction.
A donor’s guide to the new law and how it affects charitable giving. Reviewing the changes to the law from the lens of tax-efficient giving, it’s clear that the 2017 Tax Cuts and Jobs Act created some philanthropic winners and losers for the next few years.With the elimination of the phase-out of itemized deductions, donors who itemize can take advantage of the full amount of their charitable gifts, subject to AGI limits.
As part of our three-part video series on gifting strategies for high-net-worth individuals and families, learn about some of the most effective ways to support your favorite charity. The strategy that is right for you will depend on your giving and personal financial goals, the assets you wish to give, and the complexity you are comfortable with.