Fear Not this Transition
December 7, 2016
When the Masonic Home was founded, Benjamin Harrison was serving as the 23rd President of the United States. Since then, the United States has had 20-some odd Presidential transitions. There is always seems to be a certain degree of uncertainty that comes with each transfer of power. Not so much is that uncertainty about whether it will happen peacefully, but more about what policies that will be changing. Despite the changes that have helped and the changes that have hurt, the Masonic Home still stands tall.
The President-elect has made some big promises in his proposed tax plan, whether or not he will deliver on that remains to be seen. There are a number of things that will get in his way, as there always are, but let’s take a look at what it will mean for nonprofits like the Masonic Home of Virginia.
The biggest and, for the most part, only substantive change that could happen applies to big-time donors. There is a proposed limit to the itemized deductions that a couple can claim on their taxes of $200,000. That means that large, transformative gifts will not be as tax-friendly as they currently are: somewhere north of $300,000. That’s no trivial sum, but at the same time it does not apply to the average donor. Side note: if it does apply to you, call me!
So what will the next regime in America bring? One thing that we know, for sure, is that the Masonic Home will be here because of the generosity of the Masons in Virginia, their families, and their friends. They are what have gotten us this far, and what will continue to drive us going forward.
Just a reminder, that as the year draws to a close, there is still time for Lodges to earn awards and for you to get a tax deductible gift in for the year. More information about the ways you can help the Home can be found here. If you would like a customized planned giving presentation, please visit our planned giving page or call the Development Office at 1-800-262-4644, extension 77223.
 This is not tax advice. Please, please consult a tax advisor before making any decision.