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Quick snippets on charitable planning

Sunset provisions of the Tax Cuts and Jobs Act present opportunities for charitable planning and learn how election-year giving affects giving to charity.

By New Hampshire Charitable Foundation  |  

As we head into the third quarter of the year, here are a few things for advisors to keep in mind as they help clients with charitable and estate planning.

Tax Cuts and Jobs Act sunset provisions

The expected sunset of various provisions of the TCJA of 2017 may present opportunities for charitable planning:

  • Reduction of the estate and gift tax exemption. Charitable giving is one of few unlimited deductions to reduce an estate value to below the threshold for taxation.
  • Decrease in the deductibility of contributions of cash from 60% of adjusted gross income (AGI) to 50% AGI. If your client is making significant cash gifts, 2024 or 2025 will provide greater deductibility.
  • Reduction of the standard deduction from $14,600 for an individual and $29,200 for a married couple (2024) by roughly half. Bunching charitable gifts before the deduction changes, or leveraging a donor-advised fund to simplify itemized deductions after the change may both be useful strategies.

Charitable giving in an election year

Though it may seem logical to assume that people who give to political campaigns might give less to charity in an election year, there is little evidence to support this. This study provides some interesting context around the historical resilience of charitable giving during election seasons. This is also a good time to remind clients that political donations are not tax-deductible.

This report was compiled by New Hampshire Charitable Foundation staff with material provided by Embolden. This article is informational and educational in nature. It is not offering professional tax, legal, or accounting advice. 

For more information about how the New Hampshire Charitable Foundation can help advisors help their clients with charitable giving, please contact Michael DeCristofaro, Foundation director of advisor relations at Zvpunry.QrPevfgbsneb@aups.bet or (603) 225-6641, ext. 251.


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