Make the Gift of a Lifetime Before Year-End
Posted on December 7, 2009
Across the country, people in their seventies have been doing something special with their individual retirement accounts (IRAs): making the gift of a lifetime to charity, free of federal tax. The tax law making this possible is set to expire December 31, 2009.
While it’s also possible to give your IRA to charity, tax-free, as a charitable beneficiary, many people enjoy making a major gift during their lifetimes.
Before the end of 2009, if you’re age 70½ or older, you may transfer up to $100,000 from an IRA to the Community Foundation—tax-free. If married, each spouse can transfer $100,000 from his or her IRA.
“These retirement accounts can be heavily taxed if given to heirs—so they’re always a nice option for charitable giving,” said Randy Maiers, Community Foundation of St. Clair County, CEO.
“If you’re using your IRA to make a gift during your lifetime, you can take full advantage of the Community Foundation’s personalized service and local expertise—so we want to make sure everyone knows about this opportunity before it’s over.”
For more information on the charitable giving legislation and the Charitable IRA opportunity, please contact Lynn Borg or Randy Maiers at 810-984-4761 or send us an email.
