Laura L. Brownfield
General Counsel

Due to a sunset provision built into the TCJA, unless Congress intervenes, the federal exemption from transfer taxation (currently $13.61 million per person) is scheduled to decrease to approximately $7 million at the end of 2025.

As the sunsetting date approaches, professional advisors will be reviewing estate plans to take advantage of this opportunity, including recommending strategies like charitable giving.

A recent article from WealthManagement.com suggests that while individuals want to leave a legacy through charitable giving, few receive charitable planning advice from their advisors. A Charities Aid Foundation survey cited in the article reflects that only one in 20 wealth managers and financial advisors felt “very confident” discussing philanthropy with their clients and nearly three-quarters of advisors surveyed did not include philanthropy in their planning conversations with their clients.

Note: This material was developed by Community Foundation for Southeast Michigan. It is published with the understanding that neither the publisher nor the author is engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a professional advisor should be sought.