Tax Cut Deal Could Benefit Charities

ALTHOUGH many critics have denounced the tax deal reached in December by Congressional leaders and the Obama administration as tax cuts for the rich, personal wealth advisers who specialize in philanthropy also foresee benefits for charities.

The new law was unexpectedly generous in the area of gift and estate taxes, exempting $5 million a person from taxation. That means that a couple can give or bequeath assets worth up to $10 million tax-free during this year and next, when the law is in place.