Questions to Ask Your Advisors About the New 2018 Tax Laws

On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act of 2017, which made significant changes to the U.S. tax code. The following questions can help guide your conversation with your tax advisor about how these changes may impact your giving.

General Questions
  • How will the new rules affect my tax situation?
  • Will I itemize my deductions?
  • Will I have more or less to give to charity?
  • Should I revisit/revise my estate plans?
  • Is there a state estate tax?
Outright Gifts
  • How much should I give in outright donations in 2018 to take full advantage of a tax deduction?
  • Is there an asset in my portfolio that would make a particularly good gift asset?
  • Should I consider a donor-advised fund?
  • Should I consider “bunching” my donations?
Planned Gifts
  • Is an IRA Charitable Rollover (for those age 70 ½ or older) still a tax-preferred way for me to make a charitable gift?
  • Should I consider a life income gift (charitable remainder trust or gift annuity) as part of my planning?
  • If I have additional real estate or other assets, should I contemplate making a gift, either outright or as a planned gift?
  • If I would like to leave a bequest to St. Olaf, what is the best way for me to do this?
  • Should I consider my retirement plans as part of a charitable bequest?
  • Should I specify the ultimate beneficiary of my donor-advised fund?
  • For more information, please contact St. Olaf development officer Eric Tvedt at 800.776.6523 or tvedt@stolaf.edu.

Please note: neither the St. Olaf Development Office nor St. Olaf College is acting as your advisor. Please consult with your attorneys or other professional advisors for legal, tax, or financial advice.