Planned Giving


FREE Estate Planning Kit

Planned Giving

Forward this article to a friend   Print version   Increase font size  Decrease font size 

A Gift of Your IRA During Your Lifetime

If you're 70½ or older, you can once again make outright gifts from your IRA without tax complications. Extended legislation has brought you this second-chance opportunity. Don't miss out!

If you do not need the money for personal use, consider using those funds as a charitable gift. While you cannot claim a charitable deduction for the IRA gifts, you will not pay income tax on the amount. You escape taxes, and your contribution benefits a Genesis Foundation.

You qualify if...
  • You are 70½ or older at the time of your gift.
  • Your IRA gifts total $100,000 or less in 2009.
  • You transfer funds directly from your IRA.
  • You transfer the gifts outright to one or more public charities. (This excludes gifts made to charitable trusts, donor advised funds, gift annuities and supporting organizations.)

The Next Step
Be sure to contact tax professionals and your IRA administrator if you are considering a gift under this law. Feel free to contact Steve Goebel, CFRE at 309-281-4392 or with any questions.

Copyright © The Stelter Company, All rights reserved.

The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.

Meet Our Staff   |  Contact Us   |   Planned Giving Home