If it's between Uncle Sam and my favorite charity, guess where my IRA will go?
If you're age 70 1/2 or older, you may be able to take advantage of an important incentive for charitable giving. Congress has re-authorized the provision that allows donors to make gifts from their IRA accounts to one or more charities, without first incurring income tax on the withdrawal. This means that you can direct that amount to The Leukemia & Lymphoma Society (LLS) with no federal income tax liability. This IRA Rollover may provide you with an excellent opportunity to make a gift during your lifetime from an asset that would be subject to multiple levels of taxation if it remained in your taxable estate.
Here are some details and restrictions:
- You must be 70 1/2 or older when you make your gift, and the gift must be made from an IRA ? no other retirement plans (such as 401k, 403b or SEP accounts) qualify.
- Your gift must come to us outright ? it cannot be used to establish a life-income arrangement or support a donor-advised fund.
- Although the distribution will be free from income tax, it will not generate an income tax charitable deduction.
- There are other details which we'll be happy to guide you through.
- Request a copy of our latest pamphlet Your IRA Legacy at firstname.lastname@example.org.
The administrator of your IRA will make the actual distribution to us. IRA administrators don't always include the donor's name on distribution checks. If you're planning to make a distribution to us from your IRA, please let us know in advance so that we'll be able to identify your gift. And please let us know if you want your gift used for a particular purpose. Thank you for your generosity.
You can help support our work in fighting blood cancers and save lives though wise gift planning. During the last 60 years LLS has invested more than $875 million to develop blood cancer therapies, helping to double, triple and even quadruple the survival rate for many blood cancers. Contact Ed Rodbro, National Director of Planned Giving at email@example.com or 888-773-9958 for more information. We will send you our free pamphlet Your IRA Legacy without cost or obligation. Contact us today.