What is this?
Individuals age 70.5 and older can move up to $105,000 per year from their Individual Retirement Accounts (IRAs) directly to their favorite charity or charities without it affecting their taxable income.
Who should consider this option? People who are charitably inclined, don’t want or need the income, and don’t want or need their Required Minimum Distribution (required for those age 73 and older)
Financial Benefits
This is a potential income tax (and an estate tax) reduction strategy while being charitable.
What do interested parties need to prepare for a meeting?
First, individuals should contact their IRA plan administrator to start the distribution process. When they’re ready to send the QCD, they can have the check made payable to the Upper Valley Haven and mailed to713 Hartford Avenue, White River Junction, VT 05001. Next, please notify the Haven’s Development office at 802-478-1803 or by email of the intended gift along with the following information: Name, gift amount, anticipated date of check arrival, and name of IRA custodian.
401K/403B/457
What is this?
Workplace retirement plans (401K is for-profit, 403B is non-profit, and 457 is government) where a nonprofit can be named as a beneficiary paid upon the death of the individual.
Who should take advantage of this option?
For those who are charitably inclined but want to keep their bequest intentions revocable for now.
Financial Benefits
This gift would NOT be included as part of one’s estate and therefore would not be taxed as income, either.
What do interested parties need to prepare for a meeting?
An individual should bring any beneficiary change forms from the relevant retirement plan custodians. The Haven can offer suggested language for this person to complete and file.
Non-cash gifts allow donors to make a significant impact on their favorite causes, but most nonprofits aren’t equipped to accept goods such as real estate, privately held stock, etc. We make it easy to turn your goods into charitable gifts.
