Today is Giving Tuesday! Aevitas Wealth Management is committed to making your philanthropic efforts more efficient and fulfilling. We are always able to work with you on the design and implementation of your charitable giving plan.
The Coronavirus Aid, Relief, and Economic Security (CARES Act) included new provisions to encourage charitable giving this year. For those individuals who do not itemize and take the standard deduction, the new law allows an “above the line” charitable income tax deduction equal to the amount of charitable cash gifts up to $300 per individual. Even more noteworthy, the CARES Act increases the available deductions on qualified charitable cash contributions to 100% of Adjusted Gross Income (up from 60%) for the 2020 tax-year. This provision does not apply to contributions to a donor-advised fund, but you are still able to deduct up to 60% of AGI for cash gifts and up to 30% for appreciated assets contributed to a donor-advised fund.
Many of our clients choose to support charities through a donor-advised fund. Some of the benefits of a donor-advised fund are:
Receiving a current-year tax deduction for assets contributed to your fund
Donating a wide range of asset classes that have appreciated, without incurring capital gains taxes
Involving your family and building a tradition of family charitable giving
Supporting causes that you love by investing with tax-free growth
If you want to talk about your giving strategy, participate in Giving Tuesday, or take care of your charitable donations before year-end, please contact us.