“If you are 70½ years old or older, you can use the charitable IRA rollover to make a tax-free gift to Skaggs Foundation where your money will be put to work to improve the health of your friends and neighbors in Stone and Taney counties,” says Meghan Connell, president of Skaggs Foundation.
“The law allows an individual to transfer up to $100,000 each year directly from a traditional IRA to qualified charities, such as Skaggs Foundation, without including the distribution in your income,” explains local attorney Patricia Fleetwood.
If you have not already taken all of your required minimum distribution for the year, this direct donation to charity can count toward the satisfaction of that amount. Excluding the amount of the gift from your income however, means you can’t also take a charitable contribution deduction for the donation. As everyone’s situation is different, you should talk with your tax adviser to make sure this approach makes sense for you.
“What is great about this opportunity is that it allows you to immediately see the difference your contribution makes,” Connell says. “Gifts to Skaggs Foundation allows us to continue the many health and wellness programs that are helping thousands of individuals in our community live better, healthier lives.”
You don’t have to be over 70 to make a commitment to help your community.
“Regardless of your age, you can give from your IRA at your death by making Skaggs Foundation a beneficiary of your account,” says Connell. “This is a wonderful opportunity to leave a lasting legacy and, if you make your commitment before Dec. 31 of this year, you’ll help Skaggs Foundation take advantage of a wonderful matching fund opportunity.”
Former Foundation Board Member Dennis Newkirk has pledged to match up to $50,000 in bequests to the foundation made now through the end of 2019. To take advantage of this opportunity, commitments to Skaggs Foundation may include pledges from your IRA, will, trust or life insurance policy.
“We are so blessed to have this generous offer from Dennis,” says Connell. “Dennis is a faithful supporter of Skaggs Foundation and the work we are doing in our community. Through this opportunity, Dennis would continue to support the foundation after his lifetime.”
More information about planned giving can be found at skaggsfoundation.org/leave-a-legacy or by calling 417-348-8998.