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Gift Annuity Taxation

Breaking News - Legacy IRA Act Becomes Law

Published by Bill Laskin on December 23, 2022

[Updated December 29, 2022] In the final hours of the 117th Congress, provisions of the Legacy IRA Act included in an omnibus spending bill (the Consolidated Appropriations Act, 2023 or H.R. 2617) passed the House and Senate and were signed into law by President Biden, creating a new charitable gift planning opportunity. Beginning in 2023, donors over age 70 ½ will be able to make a Qualified Charitable Distribution (QCD) in exchange for a charitable gift annuity (CGA) or to fund a charitable remainder annuity trust or charitable remainder unitrust. For practical purposes, it is unlikely donors will use this opportunity to fund a charitable remainder trust. However, a charitable gift annuity could be an appealing and viable option for some donors.

charitable gift annuities, impact of tax changes on charitable giving, tax incentives on charitable giving, Gift Annuity Taxation, gift planning, Qualified Charitable Distribution, Legacy IRA Act, Secure Act 2.0

2 minute read

Less Is Often More – Tax Issues With Charitable Gift Annuities

Published by Michael Valoris on May 15, 2020

Less is often more. With a charitable gift annuity, a donor accepting a lower charitable deduction may mean more for the donor in tax savings. That might seem counterintuitive, but a combination of an historically low discount rate and an increased standard deduction can have tax implications for a donor considering a gift annuity for your charity. For gift officers, the message is to illustrate all the tax options and let the donor and their advisor decide which alternative best suits their objectives.

charitable income tax deduction, charitable giving and taxes, tax incentives on charitable giving, Gift Annuity Taxation

4 minute read

CARES Act Includes Charitable Giving Incentives (Update)

Published by Bill Laskin on May 1, 2020

On March 27, 2020, I posted an article on the CARES Act and its implications for gift planning. Here is an update to that original post. The "Are planned gifts eligible" and "What about married couples" sections are new. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, which the President signed into law on March 27th, provides more than $2 trillion in relief touching nearly every corner of the U.S. economy: large and small businesses, health care providers, non-profits, individual citizens, and on and on. Included in its 880 pages are several provisions of particular interest to gift planners and to fundraisers generally. Let’s go through them. I’ll start with the most dramatic change.

tax incentives on charitable giving, Gift Annuity Taxation, CARES Act

5 minute read

CARES Act Includes Charitable Giving Incentives

Published by Bill Laskin on March 27, 2020

The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, which the President signed into law on March 27th, provides more than $2 trillion in relief touching nearly every corner of the U.S. economy: large and small businesses, health care providers, non-profits, individual citizens, and on and on. Included in its 880 pages are several provisions of particular interest to gift planners and to fundraisers generally. Let’s go through them. I’ll start with the most dramatic change.

tax incentives on charitable giving, Gift Annuity Taxation, CARES Act

4 minute read