Planning Forward in Times of Uncertainty

Planning Forward in Times of Uncertainty

During these times of change and uncertainty, we want to pause to thank you for your partnership.  Thanks to you, Guthrie’s mission of improving the health and well-being of the communities it serves will continue.  Most of us couldn’t have anticipated the series of recent events that have so greatly impacted our sense of personal and financial security. There are some new tax changes which may be relevant to you in your current situation.

Ideas for Giving and Moving Forward in 2020

In response to the current situation, Congress recently enacted several tax law changes. Below are some resources to help you with your tax planning and to offer some ideas for you to consider if you are thinking about making a gift in support of Guthrie’s mission during this time.

CARES Act

This recently passed law includes several charitable tax provisions to encourage giving.

These include:

  • A new deduction for charitable donors who do not itemize when filing their tax returns. If you do not itemize but make a gift to charity, you will be allowed to take a special tax deduction, up to $300, to reduce your tax liability.
  • An increase in the deduction limit up to 100% of a donor’s annual income for cash gifts (previously the deduction was capped at 60% of annual income). If you make a gift you will be able to deduct more this year.

Donor Advised Funds

If you have a Donor Advised Fund (DAF) and wish to help us this year, you can make a gift from your DAF to support our work without affecting your personal financial security.

Noncash Assets

A gift of any of these assets can provide you with benefits (such as income and tax savings) and help further our cause.

  • CDs and money market accounts
  • Securities such as stocks, bonds and mutual funds
  • Real estate
  • Life insurance policies
  • Tangible personal property such as art, coins and collectables
  • Retirement accounts

Please let us know if we can be of assistance to you as you think through your plans. We have a variety of resources available online and also that we can send to you that may be helpful in rethinking your retirement planning, inheritance planning for your family and ways to create your legacy. Together, we will continue making a difference.