IRA Charitable Rollover – A Permanent Giving Option
Many donors feel that the direct transfer of funds from an IRA is a great way to make their compassion for animals a part of their legacy, and now it’s a permanent option. Here’s how it works:
- You must be 70 ½ years or older.
- An individual may transfer up to a total of $100,000 per year and a married couple may give up to $200,000.
- Your gift must be transferred directly from the IRA account to Lollypop Farm.
- Your gift is a transfer of funds from your IRA to Lollypop Farm, so it does not create taxable income for you and is not considered a charitable tax deduction.
- The transfer of funds counts towards your annual Required Minimum Distribution from your IRA.
If you’re interested in this popular way to support Lollypop Farm, download a sample letter for your IRA administrator here.
Donor-Advised Funds: You may transfer funds from your Donor-Advised Fund to Lollypop Farm.
Gifts of real estate: You may wish to transfer ownership of real estate to Lollypop Farm to protect animals for years to come. In doing so, you remove the property from your estate and relieve yourself of any future management worries. In addition, you can deduct the appraised value of the property from your income tax liability and avoid capital gains tax liability. If interested in this type of gift, please contact Cathie Wright to discuss further.
Gifts of stock: Stocks, bonds, and mutual funds that have appreciated in value are among the best ways to help homeless animals. You may receive a charitable income tax deduction for the full market value of the stock (up to a maximum of 30% of your adjusted gross income) and avoid paying the capital gains tax on any increase in the value of the stock.
Cash: This type of gift is simple and eligible for an immediate charitable tax credit.
If you have any questions, please contact Cathie Wright, CFRE at 585-223-1330 ext.245 or firstname.lastname@example.org.