Weekly Observations for 3/30/2018 — Gift Deductions

Our office is closed today, and I’m going to take a much-needed break for an extended weekend — a little downtime to hit the gym and get outdoors, play some music, and celebrate a 90th birthday with family.

I had a conversation with a client this week to review their 2017 tax return and set tax strategies for 2018 and forward. Like many of our clients, this couple gives about $15,000 per year to charities, none of which will be tax deductible for them in 2018 and following years. So we are preparing to complete their charitable gifts with a combination of qualified IRA distributions and a donor-advised fund going forward, as outlined in my first quarter client letter. These simple steps will directly save this client $12,000 in taxes over the next 3 years.

My office will be reaching out in April to request a copy of client tax returns and Patrick and I will be busy trying to identify clients that need these solutions. But the sooner we can get the strategies in place, the better — I encourage you to contact me if you want to explore this.

Detailed steps for successfully deducting charitable gifts in 2018 can be found in my January client letter.

I hope you have a wonderful Easter, Passover, or just a long weekend!