Key Wealth Matters | The Latest Tax Proposals and Their Potential Impact on Non-Profits

In this Key Wealth Matters Podcast episode, our team discusses President Biden’s proposed tax plan and the potential impact on charitable giving and nonprofits for the remainder of the year and into 2022. Our host, Key Private Bank Senior Relationship Manager Tracey Collins, is joined by Director of Financial Planning for Key Private Bank, Tina A. Myers, CFP®, CPA/PFS, MTax, AEP®, and National Director of Philanthropic Advice with KeyBank Institutional Advisors, Cindy McDonald, to delve into the key steps both nonprofits and donors can take to prepare for potential legislation.

Show Notes

Guests:
Tina A. Myers, CFP®, CPA/PFS, MTax, AEP®, Director of Financial Planning, Key Private Bank
Cynthia J. McDonald, CTFA, National Director of Philanthropic Advice, KeyBank Institutional Advisors

In this Key Wealth Matters Podcast episode, our team discusses President Biden’s proposed tax plan and the potential impact on charitable giving and nonprofits for the remainder of the year and into 2022. Our host, Key Private Bank Senior Relationship Manager Tracey Collins, is joined by Director of Financial Planning for Key Private Bank, Tina A. Myers, CFP®, CPA/PFS, MTax, AEP®, and National Director of Philanthropic Advice with KeyBank Institutional Advisors, Cindy McDonald, to delve into the key steps both nonprofits and donors can take to prepare for potential legislation.

01:24 - What are the potential effects President Biden's tax proposal could have on charitable planning for individual donors?
06:46 – Could these potential changes affect how nonprofits interact with their donor base?
08:08 - Could Biden's tax proposal affect income streams for nonprofits?
09:07 – What is the best type of gift to give?
12:25- What is the impact of the tax plan on planning strategies typically used for charitable giving?
15:15 - Should donors and nonprofits wait until the tax plan is finalized before making any gifting decisions?
16:51 – What can nonprofits do right now to encourage gifting?
19:13 – What are the key steps nonprofits can take with their donors now to address the current tax environment as well as donor uncertainty?

To submit questions to our experts on this topic or provide suggestions, contact us at: kpb_wealth_institute@keybank.com.

Additional resources addressing this topic:

2021 Top 10 Year-end Tax Planning Ideas for Individuals

2021 Charitable Giving Strategies

What is Key Wealth Matters?

Key Wealth Matters, a podcast series hosted by the experts of the Key Wealth Institute, explores the biggest news of today to determine how these headlines can impact wealth plans, financial strategies, markets, and investments.

Join our team of advisors for unbiased, proactive advice about individual and family finances, estate and legacy planning, family dynamics, investing, as well as trends for business owners, nonprofits, and institutions.

To submit potential topics or questions to our experts, contact us via email at kpb_wealth_institute@keybank.com.

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The Key Wealth Institute is comprised of financial professionals representing Key entities including Key Private Bank, KeyBank Institutional Advisors, and Key Investment Services. Any opinions, projections, or recommendations contained herein are subject to change without notice and are not intended as individual investment advice.

This material is presented for informational purposes only and should not be construed as individual tax or financial advice. Bank and trust products are provided by KeyBank National Association (KeyBank), Member FDIC and Equal Housing Lender. Key Private Bank and KeyBank Institutional Advisors are part of KeyBank. Investment products, brokerage and investment advisory services are offered through Key Investment Services LLC (KIS), member FINRA/SIPC and SEC registered investment advisor. Insurance products are offered through KeyCorp Insurance Agency USA, Inc. (KIA). KIS and KIA are affiliated with KeyBank.

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