Year End Charitable Giving Options.
Year end giving is something families consider in November and December. Which charitable organization to donate to and what kind of donation will be made. Like other charitable organizations, Elder Care receives cash gifts. But we also receive stocks, tax-deferred 401(k)s, and qualified charitable IRA distributions from friends who support our mission and identify with our values. With this broad array of giving options, donors can include Elder Care in gifting strategies that fit their personal needs.
According to Debbie Mueggenborg, CPA and Elder Care board member, one way to make a donation is to do so from a Qualified Charitable Distribution from the IRA directly to Elder Care. “Taxpayers aged 70 ½ or older have a unique opportunity to save tax dollars and make a difference to 501(c)(3) charitable organizations, such as Elder Care. Individuals over 70 ½ can donate any amount, up to $100,000, to one or more charities yearly. The contributions must be made directly from an IRA by the custodian of the IRA and are deductible from the year’s total IRA distribution, thereby reducing taxable income. Making this Qualified Charitable Donation, or QCD can also reduce Medicare premiums in cases where you may otherwise be subject to a higher premium. Contact your CPA for more information.”
Dr. John Manley, Elder Care board member, and his wife, Xandra, donate directly to Elder Care, using a qualified charitable distribution from their IRA.
“Elder Care provides needed services, not only for the elderly but also adults of any age in Bartlesville and the surrounding area. For this reason, Xandra and I donate to Elder Care. We found that donating directly from our IRA account is the easiest way to contribute to Elder Care. This way, we can help satisfy the required minimum distribution from the IRA and save on income taxes. It is a win-win situation!”
To learn more about making a gift of any amount to Elder Care using cash, stocks, IRAs, wills, and trusts, or from your donor-advised fund, contact Angie Thompson, Elder Care Director of Development, at 918-336-8500.
Please visit with a tax professional or financial advisor about your giving options. If you wish to make a gift by stock or cash, more details about making donations to Elder Care, visit our Philanthropy page.