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Top 10 Charitable Planning
Strategies for Financial Advisors
Under the New Tax Law
Russell James, J.D., Ph.D., CFP®
Texas ...
1. Never give cash
Donor Nonprofit
$100k Cash
Donor Nonprofit
Income tax deduct.
+
Avoid capital gains
($90,000 x 23.8%)
$21,240
Income tax d...
Donor Nonprofit
$100k Cash
Donor Nonprofit
Income tax deduct.
+
Avoid capital gains
($90,000 x 23.8%)
$21,240
Income tax d...
Donor Nonprofit
$100k Cash
Donor Nonprofit
Income tax deduct.
+
Avoid capital gains
($90,000 x 23.8%)
$21,240
($90,000 x 1...
Donor Nonprofit
$100k low
basis stock
$100k
cash
immediately buy
identical stock
(100% basis)
No Need to Change Your Portf...
Donor
Charities
$100k
cash
The Charitable Swap
Simplified
Donor
Advised
Fund
$
$
$
$100k low
basis stock
immediately buy
i...
Donor
Charities
$100k
cash
A Free Tax Benefit you Give Up Every Time
You Donate CASH
Donor
Advised
Fund
$
$
$
$100k low
ba...
Did you pay capital gains taxes last year?
Did you make cash gifts to charity?
If so,
You need a new
financial planner.
Jo...
Donor
Year1
$100k
cash
For non-itemizers, consider bunching
donations into BIG giving years
Donor
Advised
Fund
$
$
$
$100k...
For some, the
benefits from giving
even cash went up
1. Federal rates went up
(33% to 35%) for
singles earning
$200,000 to...
2. Give retirement RMD first and
more at death
Life stages of a retirement account
Earlydistribution(before59½)
Regulardistribution (59½to70½)
Requiredminimumdistributio...
Giving after 70 ½
After age 70 ½ participants must take required minimum
distributions (account balance / remaining life e...
Giving after 70 ½
If the income is not needed, a charitable gift
deduction might offset the income
(if itemizing and no in...
Giving after 70 ½
A Qualified Charitable Distribution (QCD) eliminates both the
income and deduction
$10,000
$0income
IRA
...
Qualified Charitable Distribution (QCD)
$10,000
$0income
IRA
$0deduction
$100,000
per person
maximum
Participant
70 ½ or
o...
IRA(child);House(charity)
$1,000,000 House
$1,000,000 tocharity
$1,000,000 IRA
-$396,000 (39.6%federal
incometax)
-$110,00...
Retirement plan charitable beneficiaries
• A public charity
• A private family
foundation
• A charitable
remainder trust
• Not Charitable Lead Trusts
(because they aren’t tax
exempt)
• Avoid naming estate as
beneficiary with instructions in
es...
Charities are not “designated
beneficiaries”, so could
accelerate RMD’s for other
beneficiaries. Solutions:
• Separate IRA...
3. Take deductions today for
transfers tomorrow
A remainder
interest in a home
or farm gives the
right to own the
property after a
set time or after
the death of a
person
Charitable deduction for
remainder interest deed in
$1,000,000 of farmland by age 59
donor
1.0% (Jan 13)
$804,790
11.6% (M...
Leaving land to charity
by will
• Revocable
• $0 income tax deduction
• Impacts charity after death
Leaving land to charit...
Donor CRT Charity
Initial
Transfer
Anything Left
at Death
Payments
During Life
Charitable Remainder Trusts generate
an imm...
4. Match Deductions with Roth
conversions
Roth conversions and charitable planning
can work together to match
Income Deductions
$1MM in standard
IRA (withdraws
are taxable)
Roth
Conversion
$1MM in Roth
IRA (withdraws
are tax free)
Where can I find offsetting deductions?
Where can I find offsetting deductions?
Put money into a
• Charitable remainder trust
• Charitable lead trust
(grantor)
• ...
Charitable deductions may be
limited (with five year carryover)
to 20%, 30%, 50%, or 60% of
income depending on gift and
r...
If I have unused deductions,
how can I pull future income
into current year?
If I have unused deductions,
how can I pull future income
into current year?
With a Roth conversion
$1MM in standard
IRA (withdraws
are taxable)
Roth
Conversion
$1MM in Roth
IRA (withdraws
are tax free)
Roth conversions and charitable planning
can work together to match
Income Deductions
5. Buy life insurance with new
tax deductions
Charitable planning devices
such as Charitable Gift
Annuities, Gifts of Remainder
Interests in Homes and Farms,
and Charit...
But, they also reduce heirs’ inheritance
Heir
Charity Donor
Life insurance can diminish this concern
Can it pay to be
charitable?
Priscilla wants to sell a $1,000,000
non-income producing zero-basis
asset then spend the int...
Sale
$1,000,000 asset
-$238,000 capital gains tax
Client uses $38,100/year
($762,000 X 5% return)
Heirs receive $457,000
(...
John, age 59, at 39.6% income tax rate, owns
$100,000 of farmland which he would like to use for
the rest of his life then...
Giving the remainder interest to charity creates a
deduction of $80,479 worth $32,869. Suppose this
will purchase a paid-u...
6. Earn more income by avoiding
capital gains tax
A client holds a large,
highly appreciated asset
that generates little
income (like developable
land or non-dividend
payin...
Option 1: Sell it. Pay the capital gains
tax. Earn income on the remaining
amount. $1,000,000 stock
$1,000,000 gain (if ze...
Option 2: Transfer to a CRT. Earn
income for life on the full amount.
$1,000,000 stock
$1,000,000 gain (if $100,000 cost)
...
A client holds a highly appreciated asset that generates little income (like
developable land or non-dividend paying stock...
7. Prevent your clients from
dying (ever)
Client death is highly inconvenient
for financial planners
1. The government takes a chunk of
the assets
2. The kids divid...
A donor advised fund or private
foundation holds money and
distributes charitable grants
Multi-generational management
Inheritance
• Small pools after division by 1/n
children and estate tax
• Individual relatio...
Donor Advised Fund
• No minimum payout
• Minimal setup & administrative
expense
• Expected control of grants
• Investment ...
Advanced charitable
strategies to preserve
wealth
• Lifetime and testamentary transfers
to private foundation
• CRT (spigo...
8. Grow tax free
Tax Free Growth Environments
• Growth inside a donor
advised fund is tax free
• Growth inside a charitable
remainder trust...
Standard Account
10% growth, 39.6% federal, 5% state
Year 1 $10,000
Year 2 $10,554
Year 3 $11,139
Year 4 $11,756
Year 5 $1...
No upfront capital
gains tax at sale
Tax deferred growth
(only distributions
taxed)
Immediate tax
deduction
Post-morte...
Will a maximum payout CRUT (with appreciated assets)
give more after-tax dollars to clients & heirs than a direct
investme...
Direct Investment v. Max-Payout CRUT
• Age 60 male & 55 female
• Vary life span (2012 IAM Table)
• Vary returns (historic ...
(run out of money)
Failure
9.9%
(Average PV of initial $)
Consumed
52.88%
(Average PV of initial $)
for Heirs
47.12%
(any ...
9. Make your wealthy clients
want to save More
Once my family and I
are provided for, why
would I keep working
to build wealth?
Do the estates of
people who make
charitable estate
plans grow
differently than the
general population?
After making their plan, charitable estate donors grew their estates
50%-100% faster than did others with same initial wea...
10. Be in a growing market for
good clients
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
$2.0 million < $3.5
million
$3.5 million < $5.0
million
$5.0 million < $10.0
million...
Coming demographic wave will
impact CRT creation first, then CGA
creation, then bequests realization
Realized
Bequest Peak...
0
5,000,000
10,000,000
15,000,000
20,000,000
50-54 55-59 60-64 65-69 70-74 75-79 80-84 85-89 90-94 95-99 100+
2001
2002
20...
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
1998 2000 2002 2004 2006 2008 2010 2012 2014p
Age 55+ charitable recipient amon...
9%
11%
13%
15%
17%
19%
21%
Year (current age range)
Percent Childless Women at Age 40-44 in U.S.
0%
2%
4%
6%
8%
10%
12%
14%
16%
1998 2000 2002 2004 2006 2008 2010 2012 2014p
Age 55+ inclusion of charitable recipient by
...
5%
10%
15%
20%
25%
30%
35% 1971
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
...
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
1998 2000 2002 2004 2006 2008 2010 2012 2014p
Age 55+ charitable beneficiary among ...
30%
32%
34%
36%
38%
40%
42%
44%
46%
48%
50%
Age 55+ giving ($500+) & volunteering (100+ hours)
volunteer
charitable giving
Top 10 Charitable Planning
Strategies for Financial Advisors
Under the New Tax Law
Russell James, J.D., Ph.D., CFP®
Texas ...
Top 10 charitable planning strategies updated for the new tax law
Top 10 charitable planning strategies updated for the new tax law
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Top 10 charitable planning strategies updated for the new tax law

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The top ten techniques in charitable planning financial planners should know to improve their practice and their advice

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Top 10 charitable planning strategies updated for the new tax law

  1. 1. Top 10 Charitable Planning Strategies for Financial Advisors Under the New Tax Law Russell James, J.D., Ph.D., CFP® Texas Tech University Dept. of Personal Financial Planning
  2. 2. 1. Never give cash
  3. 3. Donor Nonprofit $100k Cash Donor Nonprofit Income tax deduct. + Avoid capital gains ($90,000 x 23.8%) $21,240 Income tax deduct. ($100,000 x 39.6%) $39,600 $100k Stock
  4. 4. Donor Nonprofit $100k Cash Donor Nonprofit Income tax deduct. + Avoid capital gains ($90,000 x 23.8%) $21,240 Income tax deduct. ($100,000 x 39.6%) $39,600 $100k Stock Income tax deduct. ($100,000 x 37%) $37,000 Income tax deduct. + Avoid capital gains ($90,000 x 23.8%) $21,240 No Itemizing Required No Itemizing Required
  5. 5. Donor Nonprofit $100k Cash Donor Nonprofit Income tax deduct. + Avoid capital gains ($90,000 x 23.8%) $21,240 ($90,000 x 13.3%) -($90,000 x 5.27%) $7,227 Income tax deduct. ($100,000 x 39.6%) $39,600 ($100,000 x 13.3%) -($100,000 x 5.27%) $8,030 $100k Stock Income tax deduct. ($100,000 x 37%) $37,000 ($100,000 x 13.3%) $13,300 Income tax deduct. + Avoid capital gains ($90,000 x 23.8%) $21,240 ($90,000 x 13.3%) $11,970
  6. 6. Donor Nonprofit $100k low basis stock $100k cash immediately buy identical stock (100% basis) No Need to Change Your Portfolio! The Charitable Swap No “wash sale” rule because this is gain property, not loss property
  7. 7. Donor Charities $100k cash The Charitable Swap Simplified Donor Advised Fund $ $ $ $100k low basis stock immediately buy identical stock (100% basis)
  8. 8. Donor Charities $100k cash A Free Tax Benefit you Give Up Every Time You Donate CASH Donor Advised Fund $ $ $ $100k low basis stock immediately buy identical stock (100% basis)
  9. 9. Did you pay capital gains taxes last year? Did you make cash gifts to charity? If so, You need a new financial planner. John Competitor, CFP® Financial Planning Services for the Charitably Minded Your.Competition@EatingYourLunch.com
  10. 10. Donor Year1 $100k cash For non-itemizers, consider bunching donations into BIG giving years Donor Advised Fund $ $ $ $100k low basis stock immediately buy identical stock (100% basis) Year2 Year3
  11. 11. For some, the benefits from giving even cash went up 1. Federal rates went up (33% to 35%) for singles earning $200,000 to $416,700 2. 2017 charitable tax deductions reduced by 3% of income over $261,500 [Pease limitation] 3. State tax benefits higher 4. Income limits raised to 60%
  12. 12. 2. Give retirement RMD first and more at death
  13. 13. Life stages of a retirement account Earlydistribution(before59½) Regulardistribution (59½to70½) Requiredminimumdistribution(after70½)
  14. 14. Giving after 70 ½ After age 70 ½ participants must take required minimum distributions (account balance / remaining life expectancy) or pay 50% penalty $10,000 $10,000incomeIRA
  15. 15. Giving after 70 ½ If the income is not needed, a charitable gift deduction might offset the income (if itemizing and no income giving limitations exceeded and no negative effects from increased AGI and not in the wrong state) $10,000 $10,000incomeIRA $10,000deduction $10,000
  16. 16. Giving after 70 ½ A Qualified Charitable Distribution (QCD) eliminates both the income and deduction $10,000 $0income IRA $0deduction
  17. 17. Qualified Charitable Distribution (QCD) $10,000 $0income IRA $0deduction $100,000 per person maximum Participant 70 ½ or older No private foundations, donor advised funds, charitable trusts, or charitable gift annuities IRAs or IRA rollovers only; no 401(k), 403(b), SEP, SIMPLE, pension or profit sharing plans
  18. 18. IRA(child);House(charity) $1,000,000 House $1,000,000 tocharity $1,000,000 IRA -$396,000 (39.6%federal incometax) -$110,000 (11%Oregonstate incometax) IRA(charity);House(child) $1,000,000 IRA $1,000,000 tocharity $1,000,000 House -$0(noincometax)
  19. 19. Retirement plan charitable beneficiaries • A public charity • A private family foundation • A charitable remainder trust
  20. 20. • Not Charitable Lead Trusts (because they aren’t tax exempt) • Avoid naming estate as beneficiary with instructions in estate documents (estate itself may have to pay income taxes) Bad retirement plan death beneficiaries
  21. 21. Charities are not “designated beneficiaries”, so could accelerate RMD’s for other beneficiaries. Solutions: • Separate IRAs into a 100% charitable and 100% non-charitable account before death (+ RMDs can be taken from either to match desired plans) • Beneficiaries can separate accounts by end of year following participant death1 • Payout charity share before September 30 of year following participant death.2 • If spouse is beneficiary, simply roll that share into spouse’s IRA Simple solutions to a potential trap 1. Treas. Reg. sec. 1.401(a)(9)-8 Q&A 2(a) 2. Treas. Reg. sec. 1.401(a)(9)-4 Q&A 4(a)
  22. 22. 3. Take deductions today for transfers tomorrow
  23. 23. A remainder interest in a home or farm gives the right to own the property after a set time or after the death of a person
  24. 24. Charitable deduction for remainder interest deed in $1,000,000 of farmland by age 59 donor 1.0% (Jan 13) $804,790 11.6% (May 89) $156,840
  25. 25. Leaving land to charity by will • Revocable • $0 income tax deduction • Impacts charity after death Leaving land to charity by remainder deed • Irrevocable • $804,790 immediate income tax deduction • Impacts charity after death or immediately if charity sells remainder interest • Immediately increases cash assets available for investments (AUM)
  26. 26. Donor CRT Charity Initial Transfer Anything Left at Death Payments During Life Charitable Remainder Trusts generate an immediate tax deduction, even though donor can manage assets and receive income for life
  27. 27. 4. Match Deductions with Roth conversions
  28. 28. Roth conversions and charitable planning can work together to match Income Deductions
  29. 29. $1MM in standard IRA (withdraws are taxable) Roth Conversion $1MM in Roth IRA (withdraws are tax free)
  30. 30. Where can I find offsetting deductions?
  31. 31. Where can I find offsetting deductions? Put money into a • Charitable remainder trust • Charitable lead trust (grantor) • Charitable gift annuity • Donor advised fund • Private foundation Or give a remainder interest in a residence or farmland to a charity
  32. 32. Charitable deductions may be limited (with five year carryover) to 20%, 30%, 50%, or 60% of income depending on gift and recipient
  33. 33. If I have unused deductions, how can I pull future income into current year?
  34. 34. If I have unused deductions, how can I pull future income into current year? With a Roth conversion
  35. 35. $1MM in standard IRA (withdraws are taxable) Roth Conversion $1MM in Roth IRA (withdraws are tax free)
  36. 36. Roth conversions and charitable planning can work together to match Income Deductions
  37. 37. 5. Buy life insurance with new tax deductions
  38. 38. Charitable planning devices such as Charitable Gift Annuities, Gifts of Remainder Interests in Homes and Farms, and Charitable Remainder Trusts produce amazing tax advantages, reducing income taxes, capital gain taxes, and estate taxes
  39. 39. But, they also reduce heirs’ inheritance Heir Charity Donor
  40. 40. Life insurance can diminish this concern
  41. 41. Can it pay to be charitable? Priscilla wants to sell a $1,000,000 non-income producing zero-basis asset then spend the interest income of 5% while leaving principal for heirs. Her combined state and federal tax rates are: capital gains (23.8%) income (37%) estate (40%)
  42. 42. Sale $1,000,000 asset -$238,000 capital gains tax Client uses $38,100/year ($762,000 X 5% return) Heirs receive $457,000 ($762,000-$304,800 est. tax) CRUT $1,000,000 asset $0 capital gains tax $1,000,000 in 5% unitrust pays $50,000 annually + a charitable tax deduction of $300,000 worth $111,000 + ILIT Client pays $111,000 initially and $10,000 annually for a $400,000 ILIT-owned policy(including post-crummey gift taxes) Client uses $40,000/year Charity receives $1,000,000 remainder Heirs receive $400,000 (tax free from ILIT)
  43. 43. John, age 59, at 39.6% income tax rate, owns $100,000 of farmland which he would like to use for the rest of his life then leave to charity, but he also wants to benefit his heirs.
  44. 44. Giving the remainder interest to charity creates a deduction of $80,479 worth $32,869. Suppose this will purchase a paid-up policy of about $50,000+. John keeps lifetime use of farm Charity gets 100% of farm at death Heirs get $50,000+ (estate tax free)
  45. 45. 6. Earn more income by avoiding capital gains tax
  46. 46. A client holds a large, highly appreciated asset that generates little income (like developable land or non-dividend paying stock). How can she convert it to income generating property?
  47. 47. Option 1: Sell it. Pay the capital gains tax. Earn income on the remaining amount. $1,000,000 stock $1,000,000 gain (if zero basis) $238,000 tax (23.8% fed + ?% state) $762,000 left to invest AUM
  48. 48. Option 2: Transfer to a CRT. Earn income for life on the full amount. $1,000,000 stock $1,000,000 gain (if $100,000 cost) _____$0 tax (CRT pays no tax) $1,000,000 left to invest AUM
  49. 49. A client holds a highly appreciated asset that generates little income (like developable land or non-dividend paying stock). How can she convert it to income generating investments? Simple Sale $1,000,000 asset $1,000,000 gain (if zero basis) $288,000 tax (23.8% fed + 5% state) $722,000 left to invest-AUM Or California $629,000 left Charitable Remainder Trust $1,000,000 asset $1,000,000 gain (if $100,000 cost) $0 tax (CRT pays no tax) $1,000,000 left to invest-AUM & $100,000+ tax deduction
  50. 50. 7. Prevent your clients from dying (ever)
  51. 51. Client death is highly inconvenient for financial planners 1. The government takes a chunk of the assets 2. The kids divide up the rest into smaller pools • You CAN’T manage the money (because you don’t have the business relationships with each of the kids) • You DON’T WANT to manage the money (because each remaining pool is too small)
  52. 52. A donor advised fund or private foundation holds money and distributes charitable grants
  53. 53. Multi-generational management Inheritance • Small pools after division by 1/n children and estate tax • Individual relationships with each heir • High maintenance / personal losses Private Foundation/DAF • Big pool with no division and no estate tax • Preexisting position as pool manager • Low maintenance / charitable org. losses
  54. 54. Donor Advised Fund • No minimum payout • Minimal setup & administrative expense • Expected control of grants • Investment management allowed with many financial institutions • Legislatively newer Private foundation • 5% minimum payout • Significant setup & administrative expense • Actual control of grants • Investment management always allowed • Legislatively stable
  55. 55. Advanced charitable strategies to preserve wealth • Lifetime and testamentary transfers to private foundation • CRT (spigot) paying for life (if desired for consumption) then to family foundation • Zeroed out CLT that pays charitable interest to family foundation, excess growth to children • Multi-generational: Testamentary CRT, income to kids, then to private foundation run by grandkids
  56. 56. 8. Grow tax free
  57. 57. Tax Free Growth Environments • Growth inside a donor advised fund is tax free • Growth inside a charitable remainder trust is tax free (only distributions are taxed) • Growth inside a private foundation is tax limited (either 2% or 1% rate)
  58. 58. Standard Account 10% growth, 39.6% federal, 5% state Year 1 $10,000 Year 2 $10,554 Year 3 $11,139 Year 4 $11,756 Year 5 $12,407 … … Year 18 $25,009 Year 19 $26,394 Year 20 $27,856 Donor Advised Fund/PF 10% growth, 39.6% federal, 5% state Year 1 $10,000 Year 2 $11,000 Year 3 $12,100 Year 4 $13,310 Year 5 $14,641 … … Year 18 $50,544 Year 19 $55,599 Year 20 $61,159
  59. 59. No upfront capital gains tax at sale Tax deferred growth (only distributions taxed) Immediate tax deduction Post-mortem management with DAF/PF beneficiary A CRT increases AUM
  60. 60. Will a maximum payout CRUT (with appreciated assets) give more after-tax dollars to clients & heirs than a direct investment with no charitable gift? The Tax Benefit $ The Charitable Gift $ It depends…
  61. 61. Direct Investment v. Max-Payout CRUT • Age 60 male & 55 female • Vary life span (2012 IAM Table) • Vary returns (historic large cap std. dev.) • Annual consumption 2.8% of initial investment then inflation adjusted • 20% basis asset Monte Carlo Simulation of 3,000,000 retirement lifetimes Yeoman, John C. (2014). The economics of using a charitable remainder trust to fund a retirement portfolio. The Journal of Wealth Management, 40-50.
  62. 62. (run out of money) Failure 9.9% (Average PV of initial $) Consumed 52.88% (Average PV of initial $) for Heirs 47.12% (any payment below projected consumption) Failure 7.9% (Average PV of initial $) Consumed 53.10% (Average PV of initial $) for Heirs 61.48% Direct Investment (No Charitable Gift) Max Payout CRUT
  63. 63. 9. Make your wealthy clients want to save More
  64. 64. Once my family and I are provided for, why would I keep working to build wealth?
  65. 65. Do the estates of people who make charitable estate plans grow differently than the general population?
  66. 66. After making their plan, charitable estate donors grew their estates 50%-100% faster than did others with same initial wealth
  67. 67. 10. Be in a growing market for good clients
  68. 68. 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% $2.0 million < $3.5 million $3.5 million < $5.0 million $5.0 million < $10.0 million $10.0 million < $20.0 million $20.0 million or more Estate Size Estates including charitable planning (IRS Statistics of Income 2008)
  69. 69. Coming demographic wave will impact CRT creation first, then CGA creation, then bequests realization Realized Bequest Peak Age: 88 Franey, J. W. & James, R. N., III (2013) Trending Forward: Emerging Demographics Driving Planned Giving. National Conference on Philanthropic Planning, Minneapolis, MN, October 15-17, 2013 CRT Creation Peak Age: 70-74 CGA Creation Peak Age: 75-79
  70. 70. 0 5,000,000 10,000,000 15,000,000 20,000,000 50-54 55-59 60-64 65-69 70-74 75-79 80-84 85-89 90-94 95-99 100+ 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Total resident population by 5-year age groups Key population just beginning growth
  71. 71. 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 1998 2000 2002 2004 2006 2008 2010 2012 2014p Age 55+ charitable recipient among those with will/trust by family status Grandchildren Children only No Offspring (unmarried) No Offspring (married)
  72. 72. 9% 11% 13% 15% 17% 19% 21% Year (current age range) Percent Childless Women at Age 40-44 in U.S.
  73. 73. 0% 2% 4% 6% 8% 10% 12% 14% 16% 1998 2000 2002 2004 2006 2008 2010 2012 2014p Age 55+ inclusion of charitable recipient by education Grad School College Grad Some College HS Grad <HS Grad
  74. 74. 5% 10% 15% 20% 25% 30% 35% 1971 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 U.S. population share with bachelor's degree+ Age 55+ Age 35-54
  75. 75. 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 1998 2000 2002 2004 2006 2008 2010 2012 2014p Age 55+ charitable beneficiary among those with will/trust by giving/volunteering Volunteer Only Donor Only Both Neither
  76. 76. 30% 32% 34% 36% 38% 40% 42% 44% 46% 48% 50% Age 55+ giving ($500+) & volunteering (100+ hours) volunteer charitable giving
  77. 77. Top 10 Charitable Planning Strategies for Financial Advisors Under the New Tax Law Russell James, J.D., Ph.D., CFP® Texas Tech University Dept. of Personal Financial Planning

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