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Giving to Charities I Care About: That's My Lineage

Thinking ahead with the future of estate planning means careful consideration of the lineage we leave behind when it comes to philanthropy.


I want my children and other beneficiaries to know how important it is to give back and that’s why you might need to adjust your philanthropic giving strategy based on where you are at in life.


Given the updates in the Tax Cuts and Jobs Act, many families are taking the standard deduction.


In fact, research from the Urban Brookings Tax Policy Center shows that a number of high wealth households taking charitable gifts deductions will be decreased by more than half, so fewer families are eligible to qualify for tax benefits from cash donations.


If you are younger than age 70 1/2, there is still philanthropic strategies available to you such as using appreciated securities. If you are over age 70 and a half and must take required minimum distributions from a 401(k) or an IRA, if you are no longer working, you might be able to gift a portion or all of this RND directly to a charitable organization.


Knowing that I am leveraging my philanthropic and charitable giving goals based on where I am at in life helps me set an example I can be proud of for my entire family.


What's your lineage?