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Individual Retirement Account (IRA)
and other retirement savings plan gifts
Making a gift to the Algonquin through retirement plans can offer unique planning opportunities right now and in your estate plan.
- The federal IRA Charitable Rollover law has recently been extended to the end of 2009. This means you can move up to $100,000 per year
from your traditional or Roth IRA directly to Algonquin Arts without paying income taxes on the money. However, there are specific legal
requirements that must be met.
- More than any other asset in your estate, qualified retirement plans of many types (IRAs, KEOGHs, 401Ks, etc.) may be the best
source of funding a taxwise gift to Algonquin Arts. Your heirs could incur two separate taxes, estate and income, should you leave those
assets to them. Because the Algonquin's charitable tax status exempts it from taxes, it might be more advantageous to leave the retirement
plans to the Algonquin and leave other assets to your heirs.
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