Elevating philanthropy through relationships and insights into gift planning
SECURE and CARES Acts … Charitable Gift Implications
In the past year, Congress passed two pieces of legislation containing important changes for retirement planning and charitable giving.
The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) has made several changes to retirement plans, some of which could result in an increase in the amount of money being left to charities. In particular, the SECURE Act kills the stretch IRA for most heirs. Until this new legislation, an heir could generally have required minimum distributions stretched over his or her life expectancy. And that minimized taxes—plus the assets in the heir’s IRA grew tax-free until withdrawn.
After the 2017 tax reform law, which nearly doubled the standard deduction, the number of Americans claiming the itemized deduction for charitable gifts dropped sharply (as predicted). The law also triggered a decline in charitable donations by individuals (again, as predicted). The Coronavirus Aid, Relief, and Economic Security (CARES Act) nods to the need for widespread philanthropy during the Covid-19 pandemic, but it may not create robust new incentives. The bill gives three temporary tax incentives to donors in calendar year 2020, including a $300 above the line deduction for cash gifts.
We’ll review these changes and show how making gifts from retirement assets can still be a tax-smart option for charitable giving.
A link to the Zoom meeting will be sent to registrants a few days before the event.
DAVID TOLL, JD, Senior Consultant with Gift Planning Development, LLC that advises nonprofits and nonprofit leaders on fundraising and planned giving. David brings more than 19 years of professional experience in development and fundraising. He currently serves as the Senior Associate Vice President of the Office of Gift Planning at Drexel University where he is responsible for the development and implementation of university-wide planned giving efforts. David has presented at conferences around the country and has consulted with many groups in developing gift planning programs and structuring complex planned gifts. David is the immediate past president of the Planned Giving Council of Greater Philadelphia. Before pursuing a career in higher education advancement, David spent several years practicing law at White and Williams, Patterson and Weir and Fox Rothschild with an emphasis on real estate, business, tax, and estate planning. David can be reached at David@giftplanningdevelopment.com.
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Utah Planned Giving Roundtable
P.O. BOX 1526
Salt Lake City, UT 84110