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IRTF's Legacy Circle
Extend your commitment to human rights by joining IRTF’s Legacy Circle.
Join our circle and begin your legacy for a better world.
The Legacy Circle is an opportunity for donors to make planned gifts to IRTF through their estates. A person’s “estate” consists of any property, investments, or money that the person owns. Donors can manage their estates in a way that allows supporting IRTF (as part of our Legacy Circle) without significantly affecting the income they need for their household budget. Gifts can be anonymous, if requested.
The information provided below outlines a few ways to accomplish this.
|Wills and Living Trusts||Gifts That Pay You Income||Gifts and Qualified Charitable Distributions||Beneficiary Designation||Using Your IRA to Help IRTF|
Wills and Living Trusts
These legal documents allow you to select beneficiaries who will receive the assets that remain in your estate after your death. IRTF (Tax ID# 34-185-3821) could be named as one of your beneficiaries. Note: Designating IRTF as a beneficiary does not affect your ability to use your estate while you are alive.
Here is simple language you can use to designate IRTF as a beneficiary:
I give to the InterReligious Task Force on Central America, 3606 Bridge Ave., Cleveland OH 44113 (tax ID #34-1853821) $_____ (or ____ % of the rest of my estate) to be used for general purposes.
For your reference,
IRTF’s EIN number is: 34-1853821
Gifts that pay you income
Charitable gift annuities and charitable remainder trusts are mechanisms that provide tax benefits. They allow you to establish trust funds that generate income for you or a designated charity. The trust fund principal can be donated to a designated charity upon your death or after a fixed amount of time.
Other popular ways of giving
In addition to using wills, trusts, and annuities, other types of planned giving from estates are available that allow you to see the impact of your gifts while you are still alive. For seniors who have IRAs, you can enjoy significant tax advantages by donating the IRA’s required minimum distributions (RMDs) to IRTF. Often these gifts are called qualified charitable distributions (QCDs).
Other means of making gifts during your lifetime include establishing memorial or tribute gifts, establishing endowed gifts, giving real estate, or establishing a donor advised fund. Your financial advisor should be able to explain these and other means of making gifts so that you can decide how you can support IRTF while also accomplishing your other financial goals.
You can request a form called Transfer on Death and Beneficiary Designation from the manager of your mutual fund, donor advised fund, or other asset to designate a percentage of the remaining assets to IRTF (Tax ID#34-1853821).
Start planning now.
It is never too early to begin planning how you want to use your estate, even if your estate is not large. Creating a plan that is legally recognized ensures that your desire to support IRTF will be honored now and into the future. Contact a lawyer or estate planner and begin your planning today.
Extend your commitment to human rights by joining IRTF’s Legacy Circle TODAY.
Leave your legacy for a better world!
Charitable Gift Annuities and Charitable Remainder Trusts - More Information
What is a charitable gift annuity?
A charitable gift annuity is a contract between a donor and a qualified charity, such as IRTF, where the donor makes a gift to the charity. In exchange, the charity assumes a legal obligation to provide you and up to one additional beneficiary with a fixed amount of monthly income that continues until the last beneficiary dies. (Source: https://www.fidelity.com/learning-center/personal-finance/charitable-giving/charitable-gift-annuity )
What is a charitable remainder trust?
A charitable remainder trust (CRT) is a “split interest” giving vehicle that allows you to make contributions to the trust while also being eligible to receive a partial tax deduction, based on the CRT’s assets that will pass to charitable beneficiaries. You can name yourself or someone else to receive the potential income stream for a set number of years (no more than 20) or for the life of one or more non-charitable beneficiaries. You then name one or more charities to receive the remainder of the donated assets. (Source: https://www.fidelitycharitable.org/guidance/philanthropy/charitable-remainder-trusts.html )
Using Your IRA to Help IRTF
If you have to take a required minimum distribution (RMD) from your Individual Retirement Account (IRA), you may be able to use all or part of the RMD to support IRTF and lower your taxable income at the same time. To do this, use your RMD to establish a qualified charitable donation (QCD), which goes directly to IRTF.
Who is eligible to do this?
Anyone who must take an RMD can designate a QCD. As of January 1, 2020, the mandatory age for taking RMDs is 72.
If you have inherited an IRA, you may have to take an RMD during the first year following the death of the IRA owner, regardless of your age. This situation would allow you to designate QCDs. Check with your tax accountant or the IRS about details.
How a QCD works
Once you determine that you must take an RMD, you should contact your IRA manager and inform them that you want to send a QCD for a specified amount to the charity of your choice, such as IRTF. The money that you specify must be allocated directly to IRTF (in other words, a check should be made out to IRTF, not to you) before the deadline for taking your RMD, which is usually the end of the year. If you prefer, you can choose to have the donation check sent to you so that you can include a cover letter that explains your reason for the donation and states that you are the donor.
Benefits of the QCD
The QCD is not taxable because it never becomes personal income, but it does satisfy all or part of your RMD requirement. Therefore, it reduces your taxable income (compared to if you accepted the RMD for your own use as income). The entire value of your RMD can be donated tax-free to IRTF. You could also elect to donate a part of your RMD to IRTF and keep a part for yourself, but the part you keep is taxable because it is considered income.
Limit to QCDs
Individuals are allowed to use up to $100,000 in IRA funds to establish QCDs in any single year.