Understanding the Power of Charitable Giving Options Following Tax Reform

Tax reform can have far reaping changes, impacts, and considerations for families who were thinking about or who are already involved in charitable giving. Understanding your options is important since giving to charity can help you to accomplish many individual goals regardless of the tax planning. The non-tax benefits associated with charitable giving are often important when it comes to planning as well as motivating your underlying decisions. 

According to the Tax Cuts and Jobs Act 2017, many donors, aside from wealthy individuals making significant donations, will get any benefit from tax donations. This means that non-tax motives are the major giving motivation for donors than ever before.

It’s important to realize, however, that charitable giving can still take an important role in your financial strategy and that charitable giving can take many different forms. There are many ways to provide benefits to charities through a wide range of estate and financial plans. You might, for example, give bequests or gifts that could be deferred.