Advisors

Have a client considering a gift? We can help!

Resources for Professional Advisors

In your work as a professional advisor, you value professionalism, integrity, and honesty, taking the utmost care when serving your clients. As a nonprofit organization, we share your values and take the same care when it comes to helping our donors plan charitable gifts to Intermountain Foundation.

Tools for Professional Advisors

Legal name: Intermountain Healthcare Foundation
Legal address: 36 State Street, Salt Lake City Utah  84111
Federal tax ID number: 80-0225150

Official Language for Including the Intermountain Foundation or Primary Children’s Hospital in a Will or Trust

If your clients are interested in supporting the Intermountain Foundation with a gift in their wills, we have provided sample bequest language that they can bring to their estate planning attorneys.

Partner With Us

Like you we want your clients to have a powerful impact and make giving decisions that deliver the greatest tax benefit. Please note that we accept donations of non-cash assets, including real estate, business interests, privately held stock, mineral and water interests, and appreciated securities.

We also manage our own charitable gift annuity program and are honored to be beneficiaries of charitable remainder and lead trusts. Please note that we will not be trustee nor function as financial agent for a charitable trust. We rely on our donor’s financial advisors to help establish these vehicles.

For your philanthropic clients that are anticipating large capital gains burdens or wealth events, we can partner with you to explore the best ways to structure a gift.

Please contact me, Colin Ware, Foundation Gift Planning advisor, at colin.ware@imail.org or 303-257-2082, or use the form at the bottom of this page.

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Free reference tool!

Professional advisors are invited to visit the Advisor Reference Tool.

Easily access explanations of important planned giving topics (both fundamentals and technical details) that can help you answer client questions and make your work easier.

 

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Free Quick View Tax Guide!

Download our complimentary Quick View Tax Guide.

Tax planning and charitable giving go hand in hand. Use the Quick View Tax Guide for your own reference or as a value-added gift to clients who are contemplating charitable gifts or considering their goals and priorities for the coming year. Its concise and well-organized format makes it easy to find important information that impacts taxes and giving—from income tax rates to qualified plan information to charitable deduction rules.

 

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Free Will and Estate Planning Guide!

Request our complimentary Will and Estate Planning Guide.

Clients who are preparing to write or update a will, or who have put off writing a will because the task feels overwhelming, will appreciate you for helping them make this big task easier. The Guide encourages people to contemplate their goals and how they wish to provide for others in meaningful ways. It walks them through the steps of gathering, organizing, and documenting important information that impacts their planning, their families, and their charitable giving. Clients can print it or use it online.

 

Take Note: Legal Updates, June 2024

The Sunset of the TCJA

If Congress allows many of our current tax provisions to sunset (or expire) as scheduled at the end of 2025, it will significantly impact estate and financial plans, including plans for future charitable gifts. You have the opportunity to start an important conversation about these potential changes now.

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In the 1989 comedy classic Major League, baseball broadcasting legend Bob Uecker plays a hard-drinking, sarcastic baseball play-by-play announcer named Harry Doyle, who covers a home team designed to fail. During a game, a rookie sends a pitch sailing several feet away from the catcher, and Doyle hilariously describes it as “Juuuust a bit outside…” This iconic line has since become a cultural reference (and meme) for any situation where the result was far different than intended.

In December 2017, the Tax Cuts and Jobs Act (TCJA) was the largest revision to the federal tax code in several decades and included many beneficial changes, such as the doubling of the estate and gift tax exemption amount and an increased deduction limit for cash gifts to public charities. However, to comply with Congressional budgeting rules, many of the TCJA changes are scheduled to sunset (or expire) on December 31, 2025. While Congress may choose to extend the affected provisions or make them permanent, the risk that Congress could let the changes expire as scheduled (intentionally or due to an inability to agree on what action to take) should not be ignored, as it would significantly impact estate and financial plans.

No one wants to have to tell a donor on January 1, 2026, that their planned charitable gift is “juuuust a bit outside” of the new rules or see a donor lose out on an itemized charitable deduction simply because they forgot (over the many years of the TCJA’s higher standard deduction) about important record-keeping rules. With those “errant pitches” in mind, let’s look at a few potential changes that could impact donors.

 

ESTATE AND GIFT TAXES

This is the big change coming for donors with the sunset and the biggest risk for estate plans. The TCJA doubled the estate tax exemption amount from $5 million to $10 million ($13.61 million in 2024 after annual inflation adjustments), meaning very few estates have been subject to the estate tax under the TCJA. If Congress allows the exemption amount to drop back to pre-TCJA levels (around $7 million in 2026 with inflation adjustments), many more estates will find they owe federal estate taxes.

Impact on planned giving

Make sure donors whose estates may be worth $7 million or more in 2026 are aware of the upcoming sunset and the changes to the estate and gift tax exemption. At this point, donors have time to revise their current estate and financial plans in case Congress does allow the TCJA to sunset. There are ways donors can mitigate the impact of a reduced estate tax exemption amount, including:

  • Using various estate planning tools to take advantage of the current higher exemption amount. The IRS already confirmed they will not try to apply the lower exemption to transfers made under the higher exemption amount.
  • Using current charitable gifts to help reduce the size of their estate (and therefore the amount of their future estate subject to tax).

 

DEDUCTION FOR CASH GIFTS

Under the TCJA, donors who make cash gifts to public charities and certain private foundations benefit from a 60%-of-AGI limitation. The sunset would drop the limitation back to the previous 50%.

Impact on planned giving

If a donor plans a cash gift but waits until after the sunset, that would be a definite “miss outside.” Encourage donors who could take advantage of this higher limitation to make their cash gifts before December 31, 2025.

 

THE STANDARD DEDUCTION

Another significant TCJA change was the doubling of the federal income tax standard deduction. Many donors who previously itemized and took a charitable deduction for their donations now find that it makes more sense to take the standard deduction.

Impact on planned giving

If the standard deduction reverts to its previous level, more donors will start itemizing again, meaning more people will claim the charitable deduction available for their gifts. It will be important to remind donors to once again start keeping the necessary records to substantiate their gifts.

 

UNDERSTANDING THE SUNSET RULES

With the tax law being less familiar than the rules of America’s pastime, planned giving professionals have an opportunity with the sunset of the TCJA to warn donors of the potential impact and give them a chance to make their “home-run” gift.

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Balance Is Key In Everything In Life
Colin Ware Cfre Mba

Contact Us

Colin Ware, CFRE  MBA
Foundation Gift Planning Officer
Intermountain Foundation

C: 303-257-2082