Page 6 - Legacy Fall Edition 2016_Classical

IRA’S: A Tax-Saving Way to

Help the Residents of Twin

Towers and Twin Lakes

See Your Generosity in Action

If you are 70½ years old or older, you can take advantage
of a simple way to benefit the residents of Twin Towers
and Twin Lakes and receive tax benefits in return. You can
give up to $100,000 from your IRA directly to a qualified
charity such as ours without having to pay income taxes
on the money.

This law no longer has an expiration date so you are free
to make annual gifts to our organization this year and
well into the future.

Why Consider This Gift? Q. I have several retirement accounts—some are
• Your gift will be put to use today, allowing you to pensions and some are IRAs. Does it matter which
see the difference your donation is making. retirement account I use?
A. Yes. Direct rollovers to a qualified charity can be
• You pay no income taxes on the gift. The transfer made only from an IRA. Under certain circumstances,
generates neither taxable income nor a tax however, you may be able to roll assets from a pension,
deduction, so you benefit even if you do not profit sharing, 401(k) or 403(b) plan into an IRA and then
itemize your deductions. make the transfer from the IRA directly to Life Enriching
Communities. To determine if a rollover to an IRA is
• If you have not yet taken your required minimum available for your plan, speak with your plan administrator.
distribution for the year, your IRA charitable rollover
gift can satisfy all or part of that requirement. Q. Can my gift be used as my required minimum
distribution under the law?
Frequently Asked Questions A. Yes, absolutely. If you have not yet taken your required
Q. I’ve already named a fund within the Life Enriching minimum distribution, the IRA charitable rollover gift can
Communities Foundation as the beneficiary of my IRA. satisfy all or part of that requirement. Contact your IRA
What are the benefits if I make a gift now instead of custodian to complete the gift.
after my lifetime?
Q. Do I need to give my entire IRA to be eligible for the
A. By making a gift this year of up to $100,000 from your tax benefits?
IRA, you can see your philanthropic dollars at work. You A. No. You can give any amount under this provision,
are jump-starting the legacy you would like to leave and as long as it is $100,000 or less this year. If your IRA is
giving yourself the joy of watching your philanthropy take valued at more than $100,000, you can transfer a portion
shape. Moreover, you can fulfill any outstanding pledge of it to fund a charitable gift.
you may have made by transferring that amount from
your IRA as long as it is $100,000 or less for the year. It is wise to consult with your tax professionals if you are contemplating
a charitable gift under the extended law. Please feel free to contact
Q. I’m turning age 70½ in a few months. Can I make Dan McManus at Office: 513-719-3540 or dan.mcmanus@lec.org;
this gift now? Twin Lakes - Nancy Schwandner at Office: 513-247-1362 or
A. No. The legislation requires you to reach age 70½ by nancy.schwandner@lec.org; or Twin Towers - Tom Reusch at Office:
the date you make the gift. 513-853-2009 or tom.reusch@lec.org with any questions you may have.

4 A Life Enriching Communities Publication • Fall 2016