• Yes, if you have not yet taken your required minimum distribution, the IRA charitable rollover gift can satisfy all or part of that requirement. Contact your financial advisor or IRA custodian to complete the gift.

• Yes, you can gift all or part of your required minimum distribution, up to $100,000, in order to avoid the income tax imposed on required minimum distributions.

• Yes, there still may be taxed advantages to making distributions prior to age 73.

• You are required to take a RMD while living, this may be the most tax efficient way to accomplish that as well as being able to see your philanthropic dollars at work.

• You are not limited to one IRA charitable distribution per year. There is no requirement that the entire amount be made in one transfer or that the entire amount go to a single qualified charitable organization.  Donors can request multiple direct transfers from their IRA to qualified charities in a year, but only $100,000 will be excluded from income.

• No. The legislation requires you to reach age 73 by the date you make the gift.

• Yes. Direct rollovers to a qualified charity can only be made from an IRA

• Yes, you and your spouse who is 73 or older can both give a distribution.

We will work with you, your attorney or your financial advisor to help you develop a gift arrangement that best meets both your philanthropic and financial goals. We welcome the opportunity to help you create your lasting legacy. If you have questions about planned giving, please contact Bonnie VanVoorhees at 989-755-6471 or orchestraceo@gmail.com

 While 81.5% of Michiganders give annually to nonprofits, only 2.8% leave bequests. The process is simple to leave a bequest. It can include cash, securities, stocks, real estate and other properties, life insurance, IRAs – each of which may help reduce your family’s estate-tax burden after your death. Sample Will Language:

…”I give, devise, and bequeath to the Saginaw Symphony Association/Saginaw Bay Symphony Orchestra, a 501c3 corporation under the laws of Michigan, the following property (or amount)…”

Suggested language to make a residual bequest of assets remaining after all specific bequests have been satisfied:

…”the rest, residue and remainder of my estate to the Saginaw Symphony Association/Saginaw Bay Symphony Orchestra.”

Or

“__% (or fractional interest) of the rest, remainder, and residue of my estate…”

Suggested language for a contingent bequest to take effect only if those named as primary beneficiaries predecease you:

“…If any or all of the above-named beneficiaries do not survive me, I give the share that otherwise would have been his/hers to the Saginaw Symphony Association/Saginaw Bay Symphony Orchestra.”

There can be desirable tax advantages to giving securities. When you contribute securities that have increased in value, you can keep your cash for other uses and avoid the capital gains tax incurred when you sell appreciated assets. You also get a charitable tax deduction for the full market value of the asset, regardless of what you paid for it.

Through the use of Charitable Trusts you can leave a remainder interest to the charity of your choice or to your family whichever fits your needs.

Like the Charitable Remainder Annuity, a Charitable Gift Annuity pays you a fixed dollar amount for life, or for a term of years. The amount is determined at the time of contribution and is based on your age.

One of the simplest ways to provide for the Saginaw Symphony Association/ Saginaw Bay Symphony Orchestra is to name the SSA as a beneficiary of your retirement plan, IRA or other pension plan. By naming the SSA as the beneficiary of a retirement plan that could be highly taxed, you can preserve other assets in your estate that carry lower tax liabilities for your heirs.

The best way to give life insurance is to purchase a new policy naming the SSA as owner and beneficiary. The premiums that you pay on the policy are tax deductible. You may also designate the SSA as the owner and beneficiary of an existing policy and receive a tax deduction for either the replacement value or cash surrender value of the policy, as well as for any premiums that you continue to pay. You may also name the SSA as the beneficiary of your policy without giving up ownership.