Now it’s easier than ever to make the gift of a lifetime
IRAs can qualify for tax-free charitable distributions.
The Chautauqua Region Community Foundation can help turn your individual retirement accounts (IRAs) into tax-saving charitable gifts. New tax benefits allow more people to experience the joy of giving during their lifetimes.
You can give more for less.
Thanks to recently passed legislation (The Pension Protection Act of 2006), American seniors can make the gift of a lifetime by giving their IRAs to charity without federal tax penalty. So your retirement funds can go further than ever before.
For years, estate planners have recommended that retirement assets may be the most tax-effective asset in larger estates to distribute to charity. These assets are not only vulnerable to heavy taxation as part of an estate but also can be taxed again as income in respect to a decedent on the tax returns of heirs.
Until now, there was a disincentive for retirees to give IRAs to charity during their lifetimes because withdrawals from IRAs were subject to income tax—even those given to charity.
New tax law.
As of January 1, 2006, retirement assets may become a preferred charitable gift for seniors. IRA distributions to charity can now receive new tax advantages. Americans age 70½ and up can make tax-free IRA contributions to public charities such as the Chatuauqua Region Community Foundation up to $100,000.
There is so much more we’d like you to know.