An estate planning attorney and certified financial planner, Joe Crosthwait recognizes the importance of charitable gifts that not only support community nonprofits, but also alleviate a tax burden for the donor. In 2017, Joe and his wife, Sherry, 'bundled' several years worth of charitable gifts to establish an advised fund at the Oklahoma City Community Foundation. The Crosthwaits received a charitable tax deduction for their gift in 2017, and look forward to using the fund to support their favorite charities this year and in years to come. 
Tax Strategies to Maximize Your Clients'  Year-end  Charitable Deductions
by Joe Carter, Oklahoma City Community Foundation  Vice President of Development
Are your clients confused by the new tax law and concerned that they won't be able to write off their charitable contributions due to the higher standard deduction?  Trust me, they aren't alone. However, we have a suggestion that may be the perfect solution they are seeking.  Recently, you may have heard the term 'bunching' or 'bundling' in articles about charitable giving. These terms refer to the giving advantages of a donor advised fund, allowing donors to bundle several years of contributions into one tax year to help them surpass the higher standard deduction. An advised fund at the Oklahoma City Community Foundation is the perfect vehicle to accomplish a bundled donation, providing donors the flexibility of making one gift this year and then determining when they would like to distribute funds to charity(s) over the next year or more.
 
A second strategy that is becoming more favorable is the charitable remainder trust (CRT).  Since the stock market has been on the rise for the last several years, many clients have received significant unrealized gains.  By transferring a portion of those assets into a CRT, they can avoid the immediate capital gains while taking advantage of the charitable income tax deduction.   
 
Both donor advised funds and charitable remainder trusts are great options for your clients seeking to optimize their charitable income tax deductions as this year draws to a close.  
Learn more about four giving strategies we can offer your clients to maximize their year-end charitable deductions under the new tax law:
  • Bundling Donations
  • Appreciated Assets
  • Charitable Gift Annuities
  • IRA Rollover Gifts 
Upcoming Events

Do you want to increase your professional knowledge and skills and better serve your clients? Do you want insight that will benefit  your clients immediately? This free luncheon hosted through the Oklahoma City Community Foundation and the Cannon Financial Institute helps you make it happen! 


September 25
Estate Planning and Administration Issues for the Elderly and Disabled

October 23
Income Tax Considerations in Estate Planning and Estate and Trust Administration
November 6
Directed Trusts: Understanding the Risks and Avoiding Liability

Registration for each event will open online following the prior month's teleconference.  
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