Private foundations can serve a variety of functions and can have endowments as small as $250,000, advisors say.
Advisors say the ruling could interrupt tactics favored by many tax planners.
Clients who make a mistake on these designations stand a good chance of being audited, advisors say.
Advisors say there are ways to deal with the penalties endured by wealthy taxpayers.
Some of the schemes involve charitable remainder annuity trusts.
Advisors say those who earn more than $400,000 per year may need to think carefully about their tax strategies.
Many provisions are set to expire at the end of 2025, and their extension may depend on the 2024 elections.
Taxes will figure big in 2024, a major election year – and the year before the potential sunset of some provisions of the Tax Cuts and Jobs Act (TCJA) at the end of 2025...
Strategic loss-harvesting throughout the year gives investors more flexibility, advisors say.
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