Make an On-line Contribution
Make an On-line Challenge Planned Giving (more creative ways to give)
Meet your financial goals and help support Insulin Pumpers by arranging to make a long-term donation.
Ways to Give
Gifts of Cash
Gifts of Securities
Gifts of Life Insurance
IRA's and Retirement Plans Charitable Bequests
Charitable Gift Annuity
Charitable Remainder Trust
Charitable Lead Trust
Pooled Income Fund
Wealth Replacement Trust
IRA's and Retirement Plans
IRA's and other qualified retirement plans may constitute a significant portion of your estate. The undistributed balance of qualified retirement plans is usually fully includable in your gross estate for estate tax purposes. Since these funds usually represent deferred compensation that has not been subject to income tax, giving the accounts to individual heirs exposes the funds to income taxes as well as the estate taxes. Your retirement dollars can be seriously depleted by this double taxation. With proper planning, there are many ways to use these assets to make gifts to Insulin Pumpers while realizing significant income and estate tax savings.
Required lifetime distributions from your IRA begin on April 1 following the year you reach 70 1/2. these distributions often exceed the amount necessary for living expenses. And they are generally fully taxable as ordinary income. You can donate part or all of your required distribution each year to Insulin Pumpers. Your gift will entitle you to an income tax deduction that should completely offset the income tax on your distribution. Charitable gifts do not have to be limited to your required distributions. You can withdraw assets from your IRA at any time after age 59 1/2 without paying a penalty for early withdrawal. Your distribution will most likely be completely taxable as ordinary income. But, you will get an offsetting deduction by donating the distribution to Insulin Pumpers.
It is also possible to name Insulin Pumpers the beneficiary of assets remaining in your IRA after your lifetime. These assets are often considered the smartest assets to leave to charity, since they are subject to unusually heavy taxation if left to your heirs. They are not only subject to estate tax in your estate (if left to beneficiaries other than your spouse), but also to income tax when withdrawn by your beneficiaries. Both taxes are completely avoided if Insulin Pumpers is named the beneficiary of assets remaining in your IRA after your lifetime.
IRA asset planning is a relatively new field of estate planning and is extremely complex. Your choice of beneficiary may not only affect how assets are distributed at your death, but also how your mandatory lifetime distributions are calculated. It is very important that this be discussed with legal and tax advisors that are throughly versed in this field of tax law.