High net worth clients often turn to charitable giving as a way to advance their philanthropic goals and to accomplish estate planning intentions too. There are some new tax benefits available due to the CARES Act.
High net worth clients might consider maintaining or increasing the amount they are donating to charity this year because of the awareness that the need for support at various nonprofit organizations is up across the board. For those who itemize on their taxes, there has been an elimination of the 60% AGI on their cash contributions which presents plenty of opportunities for wealthy clients who want to accomplish goals with estate planning and charitable giving.
As a result of the CARES Act, donors can now give up to 100% of adjusted growth income in cash to charity, and these benefits can last beyond just this year. Any amount that is contributed beyond the AGI can be deducted over the next five years due to being carried forward.
If you’re interested in scheduling a consultation with an estate planning attorney to discuss more of how you can accomplish estate planning goals and give back to charities you care about, schedule a consultation today with an estate planning law firm.
Our Pasadena estate planning attorneys work one-on-one with individuals and business owners who want to feel the connection between their retirement, long-term care, business succession, and estate plans.