Philanthropy tips and trends
Many eyes are on the Charitable
Act, which, if passed, would allow for deductible charitable
contributions that exceed the standard deduction. The Charitable Act proposes
to restore the pandemic-era “universal charitable deduction” and raise the cap
from $300 for individuals ($600 for joint filers) to approximately $4,600 for
individuals ($9,200 for joint filers).
Some advisors have been watching the regulations surrounding Type
I and Type III supporting organizations. If you are dealing with these vehicles
in your practice, be sure to stay up to date on the latest IRS regulations.
Finally, for your situational awareness as you advise clients who
are pet owners, no amount of pet cuteness on Instagram will resolve the
nationwide overcrowding at animal shelters. Dog and
cat populations are up sharply from the pandemic due to owner-adopters
returning to in-office work, inflationary costs for food and veterinary care,
and owners seeking new forms of companionship. For a client who is passionate
about this issue–or any issue–be sure to encourage your client to learn more
about establishing a designated fund or field-of-interest fund at the community
foundation to support highly targeted areas of relief, and, for those clients
who are over 70½, serve as recipients of Qualified Charitable Distributions
from IRAs.
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