Coming Soon: Tax Law Changes

You may have heard about certain tax laws “sunsetting” this year and wondered what was up. Here’s a brief Q&A to shed some light:

Q: What is the Tax Cuts and Jobs Act?

A: That 2017 law overhauled the tax code. It changed tax brackets and increased the standard deduction, the estate tax exemption, the child tax credit@[,] and more. It took effect Jan. 1, 2018, but many benefits are due to expire at the end of this year.

Q: Will some of its benefits be renewed?

A: Possibly. It’s up to Congress to decide what stays and what goes. If no action is taken by Dec. 31, 2025, the tax laws will revert to what they were in 2017.

Q: What does this mean for my charitable giving?

A: Three words: Stay the course. Your options for giving@[-]both now and in the future@[-]remain unchanged. Don’t wait for new tax laws and lose an opportunity to make a difference at a nonprofit you love and possibly enjoy tax benefits too.

Q: Which gifts should I consider?

A: You can choose from several popular options:

• A gift in a will or trust
• Beneficiary designations
• Gifts from your IRA
• Gifts of appreciated property
• Donor advised funds

Q: If I need more information, who should I talk to?

A: For guidance on how new laws could affect your finances or tax bracket, talk to your financial advisor or tax attorney.

For guidance on the best ways to leave a legacy at @[OrgName] anytime this year, reach out to @[Contact] at @[Phone] or @[Email]. They can help explain the options available to you regardless of what happens in Washington, D.C.