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Giving Back to Our Communities in a Big Way

Hefren-Tillotson is proud to have participated in another United Way workplace campaign. This campaign unites employees and gives them an opportunity to donate, volunteer and speak out for causes that matter to them.

Thank you to Kim Tillotson Fleming, our Chairman and CEO, for entrusting us to run this campaign together; we are honored. Although this was the first time we led the campaign, over the past 10 years, our employees and company have raised and funneled over $5 million dollars that allowed the United Way to help those in need in the greater Pittsburgh area. 

2020 has been a challenging year for all of us and has especially impacted local communities. Thank you to each and every person who represented Hefren-Tillotson in this effort. The success of the campaign is yours.

A Year Unlike Any Other

Leading by example, Kim, encourages us to donate our time, even if during the workday, to seek out where communities need the most help – right here in Pittsburgh, and even internationally.

While this year, having an international presence wasn’t an option, under Kim’s leadership, Hefren-Tillotson has sent 20+ employees to Guatemala for the past two years to help build homes for those in need. This year we kept our focus on Pittsburgh – specifically Habitat for Humanity, Rebuilding Together Pittsburgh and the Community Food Bank. One thing we learned is that this city is full of generous people that give back freely under any circumstance.

In any other year, we would have seen maskless faces at various volunteer events, social outings, and the like. While it was difficult and required some extra brainstorming and creativity to shift our focus, we are a charitable company by nature and the United Way felt our presence, albeit virtually.

We were at least able to have one in-person event where we gathered safely outdoors to pack 350 bags of food for at-risk students in our communities. These bags of food were distributed to those that may not have consistent meals when not in school. Because of our generous employees – we were still able to step up and give back. We look forward to getting back to our hands-on volunteer roots again in the future.

It was challenging working in a virtual world and trying to be sure that our culture, and the importance of giving back through United Way stayed top of mind. But we did it – thanks to our generous employees. Without United Way’s efforts, it’s hard to imagine how these agencies and charities would be able to function.

Important 2020 Updates Regarding Planned Giving

As the need for charitable giving grows, so have many of the rules surrounding Planned Giving due to the passing of the SECURE Act and CARES Act. Establishing or revisiting gifting strategies today is extremely important given the new community needs and IRS rules. Here are some changes you should know about. 

·         $300 Charitable Deduction - taxpayers who don’t itemize may now deduct up to $300 per year in charitable cash gifts.

·         Cash Giving Limits – the amount of charitable cash gifts that may be deducted in 2020, if you itemize, has increased from 60% to 100% of Adjusted Gross Income (AGI). This excludes Donor-Advised Funds and creates a planning opportunity to sell certain assets and offset the taxes with a charitable deduction. For corporations, the deduction has increased from 10% to 25% for 2020.

·         Required Minimum Distributions (RMD)s - you may skip the 2020 distribution for most retirement plans. Additionally the starting age has moved from 70.5 to age 72.

·         Qualified Charitable Distributions (QCD)s - IRA distributions made directly to charity to avoid taxation are still allowable for 2020, capped at $100,000, per taxpayer, and must be made after age 70.5 (even though RMDs moved to age 72).

·         Death of the “Stretch” IRA – Most non-spousal Inherited IRAs can no longer be “stretched” over a beneficiary’s lifetime. Instead, assets must be fully distributed by the end of the 10th year.

Why is the death of the Stretch IRA important? This creates a need to revisit which assets are given to family and which are given to charity upon death, if so inclined. Now is a great time to revisit any strategies you were doing in the past.

You can tie a line between RMD, QCD and Stretch IRA planning/coordination. For any individual who is passing assets to the next generation and to a charity, these are important details to consider. Charities can be a great way to pass assets efficiently if that is part of your long-term plan.

Once again, we want to thank all of you who gave back this year and continue to do so in the future. Thank you to Kim for the opportunity to lead this effort and for her unwavering example of generosity that encourages all of us to follow suit. If you have questions or concerns about charitable giving, please let us know. We’d be happy to help.

DISCLAIMER: Past performance does not predict future results. This report is based on data obtained from sources we believe to be reliable. Hefren-Tillotson does not, nor any other party, guarantee the accuracy or completeness of this report or make any warranties regarding results obtained from its usage. All opinions and estimates included in this report constitute the firms judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation to buy or sell the securities herein mentioned.
Hefren-Tillotson Inc. is a leading diversified financial services firm providing investment and retirement plan management and comprehensive, financial planning through MASTERPLAN® for individuals and businesses. The firm’s wealth management services are administered by Certified Financial Planner (CFP) professionals, Chartered Financial Analyst (CFA) Charter holders, attorneys, Chartered Life Underwriters, and CPA/PFS’s. Hefren-Tillotson offers corporate services including 401(k) retirement planning, executive financial counseling, fiduciary reviews and workplace financial planning seminars. Founded in 1948, the firm is headquartered in Pittsburgh and has offices located in Pittsburgh, Butler, Greensburg, North Hills, and South Hills. MEMBER SIPC.