Individuals should discuss income tax implications and estate/planning objectives with their qualified tax advisor for guidance on their specific situation.
IRA – RMD CHARITABLE GIFTS
It is possible for an individual to make a qualified charitable deduction (QCD) directly from an IRA, to a Charitable Organization. This may be done as part of an RMD withdrawal or as a standard withdrawal.
The key components of a QCD are:
- $100,000 per year max may be given
- Only IRAs are eligible
- Must be 70 ½
- Paid directly to charity (by check from the holder of your IRA) 501c3
- You may direct the holder of your IRA (if you are over the age of 70 ½) to make a distribution check directly to the St. Louis Park Historical Society.
The St. Louis Park Historical Society is a qualified non-profit charitable organization (501c3).
Generally a Charitable Gift, paid directly from an IRA (if the above rules apply), will not be taxed to the donor. The donor however may not take a charitable deduction on their income tax.
Note: Make a Gift and Save on taxes. Distributions to individuals from tax-deferred retirement plans are subject to tax. However, these assets are NOT taxed when given directly to charitable organizations like the St. Louis Park Historical Society (501c3).
slphistory@gmail.com
mail to: 3546 Dakota Ave, Suite C, St. Louis Park MN 55416
voicemail: 612-465-9288
WILLS AND TRUSTS
There are various ways you can support the St. Louis Park Historical Society through your Will or Trust.
You may name the St. Louis Park Historical Society as a beneficiary (Bequest) in your will or Trust.
Continue to support the St. Louis Park Historical with a Legacy Gift. With a Gift/Bequest in your Will or Trust you may give a specific amount or a percentage of what is left after you’ve provided for your loved ones.
Name the St. Louis Park Historical Society as a beneficiary of your Retirement Account, life insurance policy, bank or brokerage account for all or a portion of the proceeds.
REMINDER: Be certain to consult with an Attorney regarding gifts from your Will or Trust.