Skip to main content

CARES Act and Planning Resources

Planning Resources: Your Key Takeaways of 2020

2020 was a year of big changes. Things that were once novelties, like virtual meetings and grocery pickup are here to stay. Other changes are temporary, such as some tax benefits outlined in the CARES Act. Weā€™ve digested some of 2020ā€™s changes and benefits that may affect your tax and retirement planning below.

The SECURE Act and Retirement Planning made new changes such as:

  • Limiting the timeline for withdrawal payments to non-spousal IRA beneficiaries to 10 years. If you planned to benefit your children with your IRA, one option to stretch this time period out is by funding a testamentary charitable remainder unitrust (TCRUT) with your IRA balance. This plan can provide lifetime payments to your heirs and spread out the taxes on their inheritance.
  • Increasing the age you can take the required minimum distribution (RMD) from your IRA to 72, up from 70Ā½.
  • Adding the opportunity to contribute to your IRA at any time, even after you turn 70Ā½.

CARES Act (Coronavirus Aid and Relief Bill) provided some temporary changes such as:

  • A $300 deduction for charitable donors who do not itemize when filing their tax returns.
  • An increase in the deduction limit up to 100% of a donorā€™s annual income for cash gifts (previously the deduction was capped at 60% of annual income). If you make a gift you will be able to deduct more this year.
  • Suspending the requirement to take a distribution from your IRA.

Change is all around us but some things remain the same.

We are still here, working to ensure our critical mission of serving students never falters. The careful planning of donors like you creates the foundation of support for us to weather any storm. Likewise, we are here for you. Please use us as a planning resource to discuss your many options, a great number of which do not require any change to your current budget.

Beneficiary Designation

Naming the Boise State Foundation as a beneficiary in your will, trust, or retirement asset will help us plan for the future. If you choose to take this significant step to help students, please let us know. You can still remain anonymous, but knowing your intentions will help us ensure your intentions are followed.

Donor-Advised Fund

If you have a Donor Advised Fund (DAF) and wish to help Boise State students this year, you can make a gift from your DAF to support our work without affecting your personal financial security.

Percentage Gift

Leaving a percentage, even 1%, of your estate through a will, trust or other asset can make a big difference to students. We can provide you with simple language to share with your attorney.

If you are interested in learning more about any of these ideas, pleaseĀ contact us. Please also let us know how we can help you during this time.