There is no time like the present to start planning for charitable deductions, or drafting a philanthropic strategy, said Carol Kroch, managing director of wealth and philanthropic planning at Wilmington Trust. ‘Don’t start thinking about it after Thanksgiving. A lot of things get tougher when you wait until December,’ said Kroch. Kroch said wealth planners and donors across the country are waiting for Congress to decide if it is going to extend the IRA charitable rollover. Congress has regularly done it every few years and the expectation is that they will do it again barring any unforeseen circumstances like a shutdown. She said that families are considering multi-generational giving through a trust because it is a combination of family values, long-term estate planning and taxes. In her experience, a lot of parents are looking to share their values with their children in a concrete way and giving to charity is a good way to accomplish that goal. ‘This is often a conversation around the Thanksgiving table, talking about why we give to others,’ said Kroch. ‘Then families go the next step and decide on a vehicle to do that giving.’ Creating a donor advised fund is easier than creating a private foundation and the right move for most families seeking to give with the maximum tax benefits, according to Kroch.
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