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The Long Game
Maximizing Your Charitable Impact: From DAFs to Private Foundations w/ Blake McKibbin
Dec 13, 2024
Blake McKibbin, an expert in charitable giving strategies, dives into the intricate world of philanthropy. He discusses recent tax law changes that affect charitable contributions and explains the benefits of donor advised funds versus private foundations. Listeners will learn how to 'bunch' gifts to maximize tax deductions and the intricacies of charitable remainder trusts. McKibbin also offers valuable strategies for business owners, ensuring that every philanthropic effort aligns with personal values and financial advantages.
31:06
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Quick takeaways
- Recent tax law changes have reduced the tax benefits of charitable gifts, prompting the need for strategies like bunching contributions to maximize deductions.
- Donor advised funds offer more simplicity and flexibility for charitable giving compared to private foundations, making them a popular choice for many donors.
Deep dives
Charitable Giving Landscape
The discussion highlights the evolving landscape of charitable giving, particularly in the context of recent tax law changes that impact how Americans benefit from their donations. Following the Tax Cuts and Jobs Act of 2017, many Americans now opt for the increased standard deduction, resulting in over 90% of them forgoing itemized deductions. This situation has diminished the tax benefits associated with charitable gifts, leading to a significant gap between generosity and tax efficiency. As a solution, strategies such as bunching contributions or utilizing donor advised funds have gained prominence to maximize tax deductions in high-income years.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode