A retirement plan can be a tax-efficient and simple way to give to Father Joe’s Villages through your estate plan. You can name Father Joe’s Villages as a beneficiary on your plan’s beneficiary designation form. Most retirement plans (other than Roth IRAs) are subject to income taxes and sometimes estate taxes if left to an individual beneficiary. However, a charity beneficiary does not pay income or estate taxes on the distribution.
You may also be able to make a gift to charity with a distribution from your Individual Retirement Account (IRA), and take advantage of tax savings.
Americans over the age of 70½ can distribute up to $100,000 in a calendar year from an IRA to Father Joe’s Villages, tax-free. This distribution is beneficial to IRA owners who are required each year to take minimum required distributions, which are included in their gross income for income tax purposes.
Please speak to your financial advisor and our Planned Giving Officer to learn more.