Charitable IRA Gifts

Giving Options are Plentiful

On December 18, Congress passed legislation that would extend the special IRA rollover incentive for gifts completed in 2015 and future years. It is widely expected that this extension will signed by the President over the next few days. As a service to Sharpe clients we have prepared the following suggested language you may wish to adapt for use in communications with prospective IRA donors:

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Special tax-free IRA gifts For those aged 70½ or older, it is once again possible to make tax-favored charitable gifts from traditional and Roth IRA accounts. 

On December 18 Congress passed legislation retroactively extending the charitable IRA rollover for 2015 and makes this provision permanent for future years. A total of up to $100,000 can be transferred directly from traditional or Roth IRAs to one or more qualified charities such as [CHARITY NAME] free from federal income tax each year. There may also be state income tax savings. Amounts given in this way count toward required IRA minimum withdrawal amounts for the year of the gift.

 To make such gifts, it is important to not withdraw funds prior to a gift, but have the gift amount distributed directly from an IRA to one or more qualified charities. For those with check writing privileges on their accounts, this may be the most efficient way to make gifts directly from an IRA. 

Check with your IRA administrator or your tax advisor for more information.

Bequests

The most flexible way to make an estate gift to the Zoo is by including our organization in your will or trust. Bequests represent a significant future revenue source for the Zoo while also offering you the flexibility to control or make changes to your charitable plans in the future.

Charitable Gift Annuities

If you would like to increase your own income or that of a family member, while also benefiting a charity, a gift annuity may be your best alternative. A gift annuity enables you to take a charitable tax deduction for the current year, while also providing you with an income stream for the rest of your life. Quarterly payments are based upon a fixed rate of return based on your age at the time of your gift and are significantly higher than current CD rates.

These are only a few of the many ways in which you can support the mission of the Central Florida Zoo. For more information contact your financial advisor and ask them to contact the Zoo.