Hidden Value: Tax-Smart Charitable Giving Strategies for the New Tax Era
Lauren Laferla, PR & Content Marketing Manager
September 14, 2019
Hidden Value is a column in ThinkAdvisor where Joe Elsasser, CFP®, answers common questions with insights that advisors and their clients may not have considered. This week, Joe discusses tax-smart strategies for charitable giving.
In 2017, the Tax Cuts and Jobs Act significantly increased the standard deduction, which created interesting new challenges and opportunities for taxpayers planning to give to charity.
A qualified charitable distribution or a donor-advised fund can be a significantly better choice for clients who are planning to contribute to a particular charity on a consistent basis for an indefinite number of years.
"Qualified charitable distributions and donor-advised funds are much more important now than they were before the tax overhaul, but the average American doesn’t know about these techniques or why they should use them. Clients are used to writing a check to their favorite charities and leaving it at that. You can offer guidance and help them become more strategic with their charitable giving, which will strengthen your relationship, build trust, and add additional value to their financial strategy."
Financial advisors can add significant value to their services by helping clients navigate the complexities of the changing tax landscape. Clients are concerned about the tax impact on their situation specifically, and whether there are better options available. Tax Clarity can help you clearly and accurately calculate some the changes introduced by the Tax Cuts and Jobs Act.
Lauren is a content marketing enthusiast with a love for storytelling - on camera, in writing, and through others. She has a robust communications background that includes: public relations, content creation, internal communications, digital marketing, and copy editing. Driven and motivated, Lauren holds a bachelor's degree in English and is an avid reader.