Planned Giving: Creating a Lasting Legacy
|Listeners Legacy Circle|
|Charitable Gift Annuities|
|Retained Life Estates|
A planned gift is a wonderful way to create a lasting legacy for those charitable institutions that matter most to you. It is important to carefully consider a number of key factors when determining if making a planned gift is right for you, such as its purpose, what assets are most appropriate to use in funding the gift, the gift's timing, its effect on income tax and estate tax planning, and its effect on your family members and friends. When considering your charitable goals and objectives, we strongly encourage you to seek the counsel of your legal, tax or financial advisor before finalizing any gift intention.
New York Public Radio provides information on planned giving solely as a guide to help you determine what might best work for you and your interests. Please consider the following information as a resource to help you meet your philanthropic goals. The information provided here is for illustrative purposes only and should not be considered investment, legal, accounting, tax or other professional advice.
UPDATE ALERT: IRA CHARITABLE ROLLOVER REAUTHORIZED BY US CONGRESS, SIGNED BY PRESIDENT OBAMA AND MADE PERMANENT
The IRA Charitable Rollover, first enacted as part of the Pension Protection Act of 2006 and extended through December 2014 in the Tax Increase Prevention Act of 2014, has been extended permanently -- retroactive from January 1, 2015 -- by the US Congress as part of the Protecting Americans from Tax Hikes (PATH) Act of 2015 and signed back into law by President Obama. You may now make a charitable gift directly from your Individual Retirement Account (IRA) while excluding the amount of that gift from your adjusted gross income (AGI).
Benefits of the IRA Charitable Rollover:
The IRA Charitable Rollover permits you to make donations to charitable organizations such as WNYC from your IRA without counting the distribution as part of your AGI and, consequently, without paying taxes on it.
You won't recognize the distribution as income for federal tax purposes.
The distribution would count toward your required minimum distribution (RMD)for the year.
You must be at least 70 1/2 years old and required to make an annual distribution from your IRA.
Your total combined IRA Charitable Rollover donation cannot exceed $100,000 in any one year.
Charitable contributions from an IRA must go directly to a public charity that is not a supporting organization. Contributions to donor-advised funds and private foundations, except in narrow circumstances, do not qualify for tax-free IRA rollover donations.
Distributions can only be made from traditional IRAs or Roth IRAs. Charitable donations from 403(b) plans, 401(k) plans, pension plans, and other retirement plans are ineligible for the tax-free treatment.
You cannot receive any goods or services in return for your IRA Charitable Rollover donation in order to qualify for the tax-free treatment.
You must receive an acknowledgement from WNYC or other charity donated to for each rollover contribution with the specific language required by the IRS included, stipulating your intentions.
We strongly recommend that you seek the advice of your financial advisers prior to making an IRA Charitable Rollover donation, as personal circumstances can have a significant impact on whether such a contribution would be advantageous to you.
For more information, please contact Dina Vaz, Director of Legacy Giving, at (646) 829-4587 or firstname.lastname@example.org.
|Ruth Kram||Melissa Williams||Carol Drisko|
Thank you for your interest in creating a legacy to benefit New York Public Radio. We hope the information provided will be useful as you consider your philanthropic and financial objectives.