At the Wayne County Foundation, we are honored to work with individuals, families, and businesses who care deeply about sustaining a strong and vibrant community. As the year winds down, now is the perfect time to reflect on your charitable goals and ensure that your giving is both meaningful and tax-efficient. Here are 10 helpful tips to keep in mind as you plan for year-end giving and prepare for the changes ahead in 2026:
- Remember that 2025 is a pivotal year for charitable planning. New tax laws will bring more restrictive charitable deduction limits in 2026, which means this year may offer a more favorable environment for your giving. Consult your tax advisors early to understand how this impacts your situation.
- Work with your tax advisors to evaluate the benefits of “bunching” multiple years of charitable gifts into 2025. By front-loading contributions, especially into your donor-advised fund at the Wayne County Foundation, you may be able to exceed the standard deduction this year and maximize your tax benefits.
- Use your donor-advised fund to simplify year-end giving. You can make one tax-deductible contribution now, receive the deduction in 2025, and recommend grants to nonprofits over time, even throughout 2026 and beyond.
- Give appreciated stock instead of cash. Donating long-term appreciated securities to your fund at the Foundation may eliminate capital gains tax and, in turn, increase your charitable impact. Talk with your tax advisors as soon as possible so that these gifts can be processed well before the end of the year.
- Explore IRA giving if you’re 70½ or older. A Qualified Charitable Distribution (QCD) of up to $108,000 in 2025 can reduce taxable income and satisfy required minimum distributions. IRS rules allow QCDs to many types of Foundation funds, but not donor advised funds.
- Check to see whether you’ve met your charitable goals for 2025. Don’t wait until late December to review your plan. Our team can help you think through options for this year and begin to coordinate more complex gifts for next year.
- Support the community overall by making gifts to the Foundation’s unrestricted fund. 2025 has been a tough year for many people in our community, and our team can help you support families in crisis both now and in the future.
- Review your beneficiary designations. Naming your donor-advised fund or another Wayne County Foundation fund as a beneficiary of an IRA or other retirement account can create meaningful future gifts while reducing the tax burden on heirs.
- Avoid last-minute surprises. Gifts of complex assets such as real estate or closely-held stock require additional steps and a lot of lead time, so contact the Foundation early if you’re considering these options. Even if it is too late to complete these gifts in 2025, start working with us on options for 2026 gifts.
- Above all, lean on the Wayne County Foundation team! We are here to help you explore the most tax-efficient ways to meet your charitable goals, whether you’re planning year-end gifts, updating a legacy plan, or thinking ahead to the changes coming in 2026.
It is our honor to work alongside you. Thank you for your generosity and for entrusting us with your charitable goals, this year and for many years to come.