Tax-Wise Giving Strategy Before Year-End

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Tax-Wise Giving Strategy Before Year-End

As we approach the end of 2020, many of us stop to think about year–end charitable giving. There are many ways to donate. One way to make a significant difference is to consider a legacy donation from your pretax retirement accounts to the Foundation.

The IRA qualified charitable distribution is a great way to make a legacy gift to AAML Foundation. 

Although the CARES Act waived the required minimum distribution (RMD) in 2020 for qualified retirement accounts, donors 70 1/2 and older may still make a qualified charitable distribution (QCD) from their IRA, and this remains an excellent option for philanthropic giving. 

Here’s how it works:

  • Donor should be 70 1/2 or older at the time of the gift.
  • For donors who are 72 and older, the qualified charitable distribution (QCD) can satisfy a donor’s required minimum distribution (RMD) in years when an RMD is applicable (note: No RMD is required in 2020).
  • Funds should be transferred directly from your financial institution to the AAML Foundation.
  • This gift can be in any amount between $10,000 and $100,000 per person ($200,000 for a couple with separate IRAs) to qualify as a Legacy Gift to the AAML Foundation.
  • The amounts that are rolled over are not subject to income tax. 

 

Thank you for your support! 

For more information, please contact Suzanne Harris at 1-310-309-7164. 

On behalf of its Officers and Board of Directors we wish you a happy and health filled holiday season. May we all be filled with the spirit of good will and peace.