Your legacy: Charitable giving is vital during the COVID-19 crisis

Posted by Kim Chen on July 31st, 2020

If philanthropy is an important part of your legacy, now is a good time to make as many donations as possible. The novel coronavirus (COVID-19) pandemic and the resulting economic fallout is dealing a crushing blow to charitable organizations. Your gifts reduce your taxable estate, and the Coronavirus Aid, Relief, and Economic Security (CARES) Act has expanded charitable contributions deductions. For example, the CARES Act loosens the limitation on charitable deductions for cash contributions made to public charities in 2020, boosting it from 60% to 100% of adjusted gross income. No connection between the contributions and COVID-19 is required. Contact us with questions.