Much is being written about the recent changes in tax law and how the changes will impact charitable giving. Though the extent of the implications are yet unknown, we offer three key points to consider before year-end:
- Set up a donor advised fund and consider contributing enough to the fund to make grants for two full years to the causes you care about. This is called “bunching,” and it will give you the option of possibly using the larger standard deduction next year.
- If you regularly itemize and think you will be itemizing again in 2017, consider giving a larger gift to your donor advised fund this year.
- Identify your highly appreciated stock and give this instead of cash. Because markets have been strong for the past 12 months, you may want to take advantage of the higher stock valuations.
If you know someone that might benefit from reading these strategies, please send them this link or have them call us at 651.389.0300.
As always, check with your professional advisor or tax consultant to determine what’s best for you and what might still be possible in 2017.