P.S. A quick note about pending legislation

The Community Foundation team appreciates that so many attorneys, CPAs, and financial advisors recommend to clients age 70 ½ and older that they take advantage of Qualified Charitable Distributions (QCDs) from traditional IRAs. Your client can direct a QCD to a Designated Fund, Field of Interest Fund, Scholarship Fund, or unrestricted Community Fund at the Community Foundation, or even directly to support the Community Foundation’s overall mission and work. 

Because QCDs are so useful, we’ve got our eyes on pending legislation that might expand the ways your clients can use them. Specifically, Congress continues to consider two bipartisan charitable giving bills: the Charity Parity Act (S. 2204/H.R. 4495), which would permit QCDs directly from employer-sponsored retirement plans, such as 401(k)s, in addition to traditional IRAs, and the IRA Charitable Rollover Facilitation and Enhancement Act (S. 3975), which would extend QCD eligibility to Donor Advised Funds. Neither proposal has advanced beyond committee, but both are still active and of course could be very useful to expand charitable giving options if enacted.

 We will keep you posted!

The team at Wayne County Community Foundation is a resource and sounding board as you serve your philanthropic clients. We understand the charitable side of the equation and are happy to serve as a secondary source as you manage the primary relationship with your clients. This newsletter is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice.