5 Tips to Recharge Your Philanthropy
The new year is a great time to plan and reboot – and cliché as it may be to talk about resolutions, there’s no denying that it represents a clean slate for to-do lists, goals, and your overall mindset. As you think about your 2024 giving goals and priorities, here are some things to consider:
1. Tax Adjustments Might Increase Your Capacity To Give
The IRS issued inflation adjustments for important thresholds such as the standard deduction, Social Security cost-of-living adjustments, annual exclusion gifts, Required Minimum Distributions, Qualified Charitable Distributions, and levels of income for each tax bracket. Talk with your advisors about how these adjustments might impact your charitable giving goals–or even create opportunities for you to do more to support your favorite causes in 2024.
2. Even Without Itemizing, You Might Get A Charitable Deduction
Many eyes are on the Charitable Act, which, if passed, would allow even non-itemizers to deduct certain charitable gifts on their income tax returns. This legislation has generated strong public support, with 77% of Americans reportedly in favor of the proposed “universal” charitable deduction.
3. Create A Charitable Rainy Day Fund
You probably have a rainy day fund to cover unexpected expenses for your home and family, what about for your charitable giving? When you set up a Donor Advised Fund at Brooklyn Org, you can receive a federal income tax charitable deduction whenever you make a contribution to the fund, without immediately having to choose the organizations you want to support. You can make gifts from your fund at your own pace through our easy-to-use DAF portal – giving you the flexibility to give when it’s right for you.
4. Consider A Responsive Philanthropy Strategy To Support Disaster Relief
Disaster giving is likely to remain high on the fundraising radar, meaning you’ll probably get requests for donations throughout the year as crises emerge. Whether you have an eye on local humanitarian relief, such as the migrant families evacuated from Brooklyn’s tent shelter due to recent storms, or supporting communities beyond Brooklyn, our donor services team can help you plan effective strategies for your charitable giving to help the communities that you hold dear.
5. Review Your Estate Plan Without Being Rushed
Understandably, many people often scramble at the end of the year to execute tax planning transactions, leaving little time for a thoughtful, strategic evaluation of a comprehensive estate plan. Following the hustle of the year-end rush, you may find that you have more time in January to be sure your estate plan is in order. There are many moving parts to consider, including:
- Financial planning
- Tax benefits
- Investments and wealth management
- Business succession
- Planning for disability
- Updating wills and trusts as children and beneficiaries get older and needs change
- Mapping out your charitable giving
As you work with your financial advisors to consider what steps you’d like to take in 2024 for your estate planning, Brooklyn Org can partner with you to achieve your charitable giving goals. Whether through a Donor Advised Fund, a bequest, or other structured gifts, our team is here to help you support the causes you love in the most tax-savvy and impact-minded way possible.