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As we now move beyond the unprecedented challenges of 2020 and transition to a new year, what might we focus on in the realm of philanthropic planning as we consider how best to advise charitably inclined clients?
The environment for planning larger charitable gifts is very different this January than last. At the beginning of 2020, no one had heard of COVID-19, investment markets were trading at or near record levels, interest rates were low, inflation was under control, unemployment was low and perhaps the greatest uncertainty was the upcoming Presidential election in the fall. Charitable giving had just hit record levels despite reduced tax incentives ushered in by the 2017 Tax Cuts and Jobs Act (TCJA).
What a difference a year can make...
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