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Recent Trends in Planned Giving

By, Amanda Thomas

Staying up-to-date with the latest trends in planned giving can be helpful for making informed decisions regarding estate plans.

With a new law, SECURE ACT 2.0, which is part of The Consolidated Appropriations Act of 2023 (H.R. 2617), several changes are now in place that will enhance and facilitate charitable giving.

One of the key changes related to retirement accounts will now allow account values to grow larger, and offer more time for tax-deferred growth. Starting in 2023, the age for required minimum distributions (RMDs) from retirement accounts will increase from age 72 to age 73. Also, for individuals who are age 50, the additional catch-up contribution was increased to $7,500 for 2023 (income limits apply). Starting in 2025, individuals who are 60, 61, 62, or 63 will be allowed to make a larger catch-up contribution to Sec. 401(k), 403(b), or 457 plans.

Furthermore, the SECURE Act 2.0 allows the limit for Qualified Charitable Distributions (QCD) from IRAs to be indexed for inflation starting in 2024. The QCD limit is currently $100,000 per year and counts towards your IRA Required Minimum Distribution. The act also expands the QCD by allowing a one-time transfer of up to $50,000 to a charitable remainder annuity (CRAT), standard charitable remainder unitrust (CRUT), or immediate charitable gift annuity.

As you consider estate planning options, please consider remembering SBMM in your estate plans.

Learn more abut making a bequest or leaving a legacy here.

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