Tax Cuts and Jobs Act
Since tax day on April 15th, many taxpayers and donors have been reminded about keeping a close eye on the potential expiration, or “sunsetting”, of several provisions from the Tax Cuts and Jobs Act of 2017. This sweeping legislation brought changes to tax brackets, increased the standard deduction, and significantly raised the estate tax exemption. However, unless Congress takes action, many of these benefits are set to expire on December 31, 2025.
While lawmakers may choose to extend some or all of these provisions, there’s no certainty yet. In the meantime, one thing is clear: this is a smart time to review your giving strategy.
Gifts to Consider
Whether you’re thinking about creating a legacy gift or maximizing your tax benefits this year, there are many options available to you. Gifts in a will or trust, beneficiary designations, contributions from an IRA (such as Qualified Charitable Distributions), and gifts of appreciated securities can all provide meaningful support for IMSA’s students while aligning with your personal financial goals. Donor-advised funds are also a flexible tool for making strategic, tax-efficient contributions. Acting now ensures your support continues to fuel IMSA’s mission to ignite and nurture creative, ethical, scientific minds that advance the human condition.
For specific tax guidance, we always recommend consulting your financial advisor or tax professional. If you’re interested in learning how your philanthropy can make a long-term difference at IMSA, or if you need help drafting appropriate language to include the IMSA Fund in your estate plan, we can connect you with a free consultation to assist. Reach out to Cesar Patino at (630)-907-5051 or email at cpatino@imsa.edu to explore the giving strategies that work best for you.
