Deferred/Planned Giving
IRAs and Retirement Plans
Naming the Diocese of Raleigh as the beneficiary of a qualified retirement plan is becoming an increasingly popular way to give. Because of the way qualified plans are taxed, at your death relatively few of the assets in the plan may end up in the hands of family members or beneficiaries. These assets are included in your gross estate for federal estate tax purposes, and are also taxed when received by the beneficiaries as income in respect of the decedent.
Funding a charitable gift to the Diocese of Raleigh with these assets generates an estate tax charitable deduction and the Diocese of Raleigh will not have to pay income tax on the assets when they are received. Using retirement plan assets as a gift to the Diocese of Raleigh and other assets for family members can be beneficial to all.
Benefits:
- Estate tax charitable deduction
Current Tax Law Opportunity:
IRA Rollover Charitable Gift - The IRA rollover provision allows charitable distributions of up to $100,000 from an IRA or a Roth IRA to be excluded from gross income. In addition, the amount rolled over will count against a donor's minimum distribution requirement. As in previous versions of IRA rollover legislation, there is no federal income tax deduction available for these contributions in addition to their exclusion from income.
You may contribute funds this way if:
- You are age 70-1/2 or older
- The gift is $100,000 or less each year per individual
- You make the gift on or before December 31, 2009
- You transfer funds directly from an IRA or Rollover IRA to the charity
- You transfer the gift outright to one or more public charities; rollovers to a planned gift, such as a gift annuity or a charitable remainder trust, do not qualify.
To learn more about ways to give to the Diocese of Raleigh, its parishes, schools, ministries and Catholic Charities please contact the Office of Stewardship and Advancement at (919) 821-9721, or by email to tim.breslin@raldioc.org.