Now it’s easier than ever to make the gift of a lifetime
IRAs can qualify for tax-free charitable distributions. Golden Belt Community Foundation can help turn your individual retirement accounts (IRAs) into tax-saving charitable gifts. Extended tax benefits allow more people to experience the joy of giving during their lifetimes.
You can give more for less
Thanks to the new legislation, American seniors can make the gift of a lifetime by giving their IRAs to charity without federal tax penalty. So your retirement funds can go further than ever before.
For years, estate planners have recommended that retirement assets may be the most tax-effective asset in larger estates to distribute to charity. These assets are not only vulnerable to heavy taxation as part of an estate but also can be taxed again as income in respect to a decedent on the tax returns of heirs. Until recent legislation, there was a disincentive for retirees to give IRAs to charity during their lifetimes because withdrawals from IRAs were subject to income tax—even those given to charity.
Tax law extension. Annually, retirement assets may become a preferred charitable gift for seniors. IRA distributions to charity can now again receive special tax advantages. Americans age 70½ and up can make tax-free IRA contributions to public charities such as your community foundation.
You can make a difference
Your community foundation can help you connect to the causes you care about most. You can set up a charitable fund in your name or make an unrestricted gift. Giving is one of life’s pleasures; we can help you enjoy it today. By giving through your community foundation, you can use your gift to meet ever-changing community needs—including future needs that often cannot be anticipated at the time your gift is made. Your gift can target the causes and programs you care about most. Golden Belt Community Foundation understands our community’s most pressing issues and can help you establish a fund to make an impact in areas of need or opportunity that are important to you. Here are three great ways to turn your IRA into community good:
For more information about giving, please contact Christy Tustin.