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Winter 2023

Tax Law Twists and Turns: Five Developments Impacting Charitable Giving

Clean Slate: Tips for Charitable Giving in 2024

Update: Maui Strong Fund

Advisor Highlight: Kawena Beaupre, Senior Vice President and General Counsel, HCF

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WINTER 2023

Clean Slate: Tips for Charitable Giving in 2024

Clean Slate: Tips for Charitable Giving in 2024

As you help your clients think about their financial goals and priorities in 2024, here are a few items to consider:

Your clients may have more capacity to give to charity.
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. These adjustments may impact your clients' charitable giving goals–or even create opportunities for your clients to do more to support their favorite causes in 2024.

Your clients will likely continue to fund disaster relief efforts.
While Maui’s recovery from wildfires will be a priority for years to come, disasters are increasingly common the world over and disaster giving is likely to remain high on the fundraising radar. As always, please reach out to HCF to strategize about effective deployment of charitable dollars to help the people and places who need it most in the wake of the Maui fires and other disasters and humanitarian crises.

This is a good time for your clients to review their estate plan without being rushed.
The beginning of the year is an excellent time to be sure your clients’ estate plan is in order. Many people scramble at the end of the year to execute tax planning transactions, which is understandable, but this often leaves little time for a thoughtful, strategic evaluation of the various components that make up a comprehensive estate plan, including financial planning, retirement planning, tax planning, investments and wealth management, business succession planning, planning for disability, evaluating wills and trusts as children get older and needs change, and, of course, charitable planning.

Reach out to the team at HCF to help ensure that your clients achieve their charitable giving goals in the most tax-savvy and impact-minded way possible so that they can continue to help the causes they care about the most.