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We’re now at a crossroads in the world of philanthropic estate and financial planning, the implications of which we haven’t encountered for a decade or more.
Between 2009 to 2013, there was ongoing uncertainty surrounding federal gift and estate tax rates and whether amounts exempt from those taxes would rise or fall. Some degree of certainty was finally restored with the passage of the American Taxpayer Relief Act of 2013 and subsequent changes enacted by the Tax Cuts and Jobs Act of 2017.
Another period of uncertainty in charitable tax planning occurred in the mid-1980s. That was the last time a policy of taxing capital gains and ordinary income at the same rate was seriously considered. A tremendous increase in capital gains tax rates ...
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