No doubt you are reading plenty about potential tax planning strategies in an uncertain post-election environment. Now is a great time to lean on the team at Aspen Community Foundation as you work with your attorney, CPA, and financial advisor to determine whether and how to update your estate and tax plan. Here are just two examples of the wide range of charitable planning topics we’d be glad to discuss with you and your advisors as you look into the future:
Bunching your charitable gifts. Right now, the standard deduction is still high. It’s a good reason to consider making a gift to a fund at Aspen Community Foundation this calendar year that allows you to itemize your deductions. If you give appreciated stock to your donor-advised fund, for example, you can not only avoid capital gains tax, but also use a large gift this year to support your favorite charities now and for years to come.
Use your IRAs for charitable giving. Even with all the question marks, it is reasonably safe to suspect that IRAs will remain excellent tools for charitable giving. If you are over the age of 70 ½, absolutely get in touch with Aspen Community Foundation team to arrange for a tax-savvy Qualified Charitable Distribution of up to $105,000 (increasing to $108,000 in 2025) to a designated, field-of-interest, or unrestricted fund at Aspen Community Foundation. And, regardless of your age, it is worth considering naming your fund at Aspen Community Foundation as the beneficiary of your IRA or other qualified plan because not only is estate tax avoided, but your fund won’t trigger the income tax that would apply if IRA proceeds flowed to your heirs.
The net-net here is that we encourage you to reach out! The team at Aspen Community Foundation is here to help you support your favorite causes. It is our honor to serve as your home for charitable giving.
