Gift Planning
PLANNING FOR YOUR FUTURE AND OURS
Gift Planning is a Work of HEART
“I wish I could do more!” These words accompany so many of the gifts we receive. The truth is that there are dozens of ways for friends to “do more” for our future – if gifts are carefully planned. Gift planning is an art that combines financial planning, estate planning, and tax planning techniques to enable friends to make significant gifts, often with dramatic tax and financial rewards.
Leave A Lasting Legacy
The need for careful planning becomes clear when people consider basic questions involved in making an important gift: What should I give? How should I give? When should I give? Are there any special purposes my gift should accomplish? Your support should carefully be planned to assure your personal satisfaction. Your gift can be established as a memorial to a loved one or special friend. You may want to earmark your gift for a particular program or purpose, or simply say that your gift may be applied where the need is greatest.
Smart Investing
The SECURE Act increased the RMD (Required Minimum Distribution) age from 70.5 to 72. However, you can still make a Qualified Charitable Distribution (QCD) at 70.5.
“We were told that our IRA’s required minimum distribution would put us in a higher tax bracket. We’re so glad to learn that we could make a distribution from our IRA directly to charity. This was certainly a win-win: no taxes for us and the Boys & Girls Club of Allentown, gets the entire distribution! It’s such a wonderful way to support the members at the Boys & Girls Club of Allentown!” –Boys & Girls Club of Allentown Supporter
Why make a gift to the Boys & Girls Club of Allentown?
- Rollovers can qualify for your required minimum distribution.
- You can reduce your taxable income, even if you do not itemize deductions.
- Your gift can be designated to a program or be an unrestricted gift and the Club will use it where it is needed the most.
How it Works
- The gift needs to be made on or before December 31 of the tax year.
- You must be 70.5 or older at the time of your gift.
- Transfers must be made directly by your IRA administrator to the Boys & Girls Club of Allentown.
- You can transfer up to $100,000 annually from your IRA to the Boys & Girls Club of Allentown.
- Gifts must be outright. The rollover must be from a traditional IRA, not a 401(k), 403(b) or other retirement plan.
Of course, the Boys & Girls Club of Allentown does not provide any tax, legal or financial advice. Please consult your own advisors regarding your own specific situation.
Help Shape the Future
Please click here for more information about all types of planned gifts and the many benefits available to you. Our gift planning website provides illustrations of numerous ways to support the Club and technical support for the estate planning professional, including a free gift calculator.
We invite you to explore with us the many sides of your own gift planning and the meaning your personal philanthropy can have for both you and our future!