Make the Gift of a Lifetime: Turning Retirement Accounts into Charitable Good
There is good news for donors in their 70s—and for the communities and causes they care about. A recently made permanent law makes it possible to give individual retirement account (IRA) assets to charity, free from federal tax, annually. Prior to 2006, all lifetime distributions from IRAs were taxed—even those given to charity.
As such, our donors can give far more with less! This may be an attractive giving option for you if you are:
- Over 70½ and now receiving minimum IRA distributions—but do not need the extra income.
- Interested in making a significant lifetime gift to impact your community.
The Pension Protection Act of 2006 permitted individuals to roll over up to $100,000 from an IRA directly to a qualifying charity without being taxed. On December 18, 2015 Congress passed the PATH Act, making permanent this unique charitable giving opportunity. Single and married individuals 70½ and older are eligible to give in this way from their individual retirement accounts.
Using IRA assets to make a gift during your lifetime, as opposed to giving via bequest in your will, enables you to experience the joy of making a major gift.
Camphill Village Kimberton Hills can help you connect to the areas of village life you care about most. You can give to an existing fund in your name or make an unrestricted gift. Giving is one of life’s pleasures; we can help you enjoy it today! Contact Bernadette Kovaleski at firstname.lastname@example.org or 610-935-8660 for more information. Thank you!