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.
Establish your trust in the right state, the First State.Changes in the federal tax laws have provided a renewed focus on state income taxes and strategies available to minimize these taxes.While personal trusts have been used most commonly as estate and gift tax planning vehicles, they now have increased importance as tools for minimizing a family’s federal and state income tax liability.
Implement tax-advantaged trust strategies post tax reform.Tax reform has created major changes and opportunities for high-net-worth taxpayers, particularly those who are real estate investors and developers.The creation of section 199A brings a new, advantageous deduction to those in the real estate business.From a strategic planning perspective, real estate investors, owners, and developers may want to consider targeted trust strategies.
