Planned Giving

Planned Giving

Two Terrific Ways to Use Your IRA as A Gifting Tool



IRA Charitable Rollover

If you are age 701/2 or older, you can distribute up to $100,000 each year, tax-free, from your IRA to benefit St. Raphael the Archangel, even if that amount is greater than your Required Minimum Distribution (RMD).  The gift serves as your RMD but is not included in your adjusted gross income because you have not taken possession of the distribution.  By directing funds from your IRA to St. Raphael through an IRA charitable rollover, you make a significant impact on the Catholic ministry you love and avoid income tax on your RMD.

Beneficiary Designations

Charitable gifts from your IRA can be made with a simple beneficiary designation form.  You have most likely already completed such a form, indicating how you want pass on your retirement assets and the percentage you would like each beneficiary to receive.  But did you know that in addition to naming individuals as beneficiaries, you can also name your favorite charities?  In fact, retirement funds passed on to your heirs can be heavily taxed, but the same funds can be passed to St. Raphael tax-free.  Establishing your charitable legacy by designating your favorite Catholic ministry as a beneficiary to your retirement assets does not affect your lifetime withdrawals and enables you to pass your less heavily taxed assets to your family.  If you’d like to sustain St. Raphael with a portion of your retirement assets, it’s simply a matter of updating your beneficiary designation form.