Generally speaking, planned gifts represent gift options that can be designed to meet your personal philanthropic and financial goals. Some planned gifts, such as a gift in your will, require no current outlay of funds at all. And other planned gifts, including the charitable gift annuity, make it possible to support our work, enjoy a tax deduction if you itemize, and receive a lifetime income at the same time.

In this unpredictable and challenging economic climate, a planned gift can be a rewarding way to make a difference in others’ lives. Please contact us if we can provide more information or help you in any way.

P.S. We invite attorneys, CPAs, financial planners, and other professional advisors to click the “Professional Advisors” link to use our Planned Giving Answers Online program. It provides more detailed information about planned giving concepts and techniques.

Planning is a Priority

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE) is designed to expand and enhance retirement savings opportunities. The good news for donors who own an IRA is that they can still make qualified charitable distributions from an IRA beginning at age 70½. This is a gift made directly from an IRA to a charity, with no tax due on the transferred amount (subject to the $100,000 annual aggregate limit). 

The SECURE Act changed the mandatory start age for retirement plan required minimum distributions (RMDs) from 70½ to 72. However, owners of IRAs and other qualified accounts who turned age 70½ in 2019 or before are still required to take minimum distributions in 2020 and beyond. For others, minimum distributions are now required beginning at age 72. A qualified charitable distribution from an IRA counts toward a donor’s RMD. 

The Act also changed provisions for “stretch” IRAs. Most non-spouse beneficiaries must now withdraw all money within ten years instead of stretching RMDs over a lifetime.

Donors should consult their advisors to explore their personal planning needs. As you consider goals and priorities and determine how to make the best use of your financial resources for 2020 and beyond, remember that charitable giving can play an important and satisfying role in overall planning. A carefully planned gift can:

•  shape your personal legacy

•  help you reach philanthropic goals in ways that maximize benefits for yourself and/or loved ones

•  impact our work for generations to come

Please contact us for more information. Together, we can explore possible gift options that further your own goals and priorities.