Essentials You Should Know:

The President signed the 2023 CAA on December 29. The act is enormous (at an estimated value $1.7 trillion, it’s equivalent to ~7% of the United States’ total 2022 GDP) and impacts philanthropy in the following ways:

1. An IRA qualified charitable distribution (“QCD”) can now be used to fund a life-income gift (e.g. a charitable gift annuity or charitable remainder trust) under specific, limited circumstances.
2. QCD annual limits are now tied to inflation.
3. The IRA required minimum distribution ("RMD") age is now 73, but the qualifying age to make QCDs remains 70½.

You can find the full details for each of these updates along with a breakdown of what it means for your work in a new, internally-facing reference sheet (located on UIFOnline at “Gift Planning -> Gift Planning -> GIFT OFFICER/UNIT RESOURCES”) developed by the UIF Office of Gift Planning and Trust Services (“GPTS”). As always, please contact your gift planning liaison or GPTS (217.244.0473 or gpinfo@uif.ullinois.edu) for more information.