There are times in life when we may be forced to take something sooner than we desired. An example of this is the Required Minimum Distribution (RMD) from your IRA. Did you know that once you reach 70½, the government will require you to take distribution from your IRA, even if you do not need the money, or if you think it is better to preserve your IRA for something important, such as a rainy day? The RMD could substantially increase the taxes you have to pay on your income.
If you are faced with an RMD this year, consider a better use for the funds. Rather than pay income tax on your required minimum distribution, transfer the funds to charity, like Trinity Health Foundation. When you make a gift of your RMD (up to $100,000 this year) directly to Trinity Health Foundation, the transfer counts against your RMD, but because you never received the IRA distribution, you will not be taxed on this amount. Contact your IRA administrator and ask for the forms to make a charitable transfer to support our mission and improve health and wellness.
While this helps with your immediate RMD concerns, consider amplifying your annual gift with a legacy gift. Your IRA rollover gift can be combined with a bequest made in your will or consider an additional IRA beneficiary designation gift to make an even greater difference. By giving directly from your IRA today and supplementing it with a bequest, you can make your contribution go further by giving when the timing is right for you. In the process you will help to save and change lives.
For more information on how to make a gift through your IRA, as well as other ideas on how to optimize your charitable contributions, visit the planned giving section of Trinity Health Foundation’s website. The materials on the site can be used by individuals who are interested in examining various resources, tools and giving options in the privacy of their own home. The website provides explanations on how to provide for the people and causes you care about.
The planned giving website includes valuable personal, financial and estate planning resources. Articles are updated weekly on topics such as The Latest Finance News, Tips for Savvy Living, and Reports from Washington.
There are two ways to access the information:
Option 1 – go to Trinity Health Foundation’s website, foundation.trinityhealth.org, click on the Donate to the Foundation section, then select Planned Giving from the menu items.
Option 2 – go directly to the planned giving portion of the website using this URL - https://trinityhealthnd.giftlegacy.com/