Demographic changes in America are creating an unparalleled opportunity for organizations to gain significant gifts by using charitable gift and estate planning techniques.

An estimated 10,500 Americans will turn 65 old each day this year (2023). This group represents the 13th year of 19 years of “Baby Boomers” turning age 65. Also, over 100,000+ will make it to ange 70 1/2 which makes them eligible to do a Qualified Charitable Distribution (QCD) from their IRA account. Beginning in 2023, the SECURE 2.0 Act raised the age that you must begin taking RMDs to age 73.

Between 2023 and 2045, $84 trillion in assets will be passed down to Millennials and Generation X from their Baby Boomer parents. Further, it is expected that nonprofits will see an influx of charitable contributions through 2045. As the Baby Boomer generation continues to age, make sure you are educating this part of your constituency on their planned gift options, the tax implications, and in considering inheritance planning for their heirs.

James E. Connell and Associates maintain an active National Board of Advisors composed of attorneys, financial advisors, insurance agents, trust officers and fund raising professionals skilled in charitable gift development. The advisor network is available to clients to facilitate the cultivation, solicitation and development of charitable estate planning gifts. Connell & Associates is a member of the following organizations, click on the logo for more information.

New Gift Annuity Rates effective January 1, 2023