Your individual retirement accounts (IRA) can be put to good use to help you and your family achieve your philanthropic goals.
Required Minimum Distributions
When you turn 72 you will be required to take minimum distributions from your IRAs. (This used to be 70½, but The SECURE Act changed this requirement in 2020.) Did you know rather than receiving that distribution as taxable income you can instead make a charitable gift without tax complications? Simply contact your IRA custodian with your wishes and your gift will be made to the organization(s) of your choice. Some things to keep in mind when making this gift:
- You must begin RMDs annually at age 72, but can still make gifts starting at age 70½ if you choose.
- You make the gift to qualified public charities, like The Muny.
- You give directly from an IRA to The Muny to avoid the taxable income.
- Your gifts may total up to $100,000.
- IRA gifts can be directed to The Muny Endowment, your annual Muny Partners gift or any other category of giving.
Talk with your financial advisor for more information or check out this Required Minimum Distribution Frequently Asked Questions document.
Did you know as much as 37 percent of your retirement plan assets can be consumed by taxes when given to your family? You can easily support the theatre you love and eliminate taxation of these assets by making The Muny a beneficiary of your IRA. Always consult your advisor before making any decisions, but this is as simple as completing the beneficiary designation form for your IRA.
To learn more about your options when considering a bequest or charitable planned gift, please contact Jenny Pratt at 314.595.5771 or firstname.lastname@example.org.