What’s news at The Legacy in Staunton, Va.?
Senior living that is always up to something noteworthy!
Stay on top of the latest news from The Legacy at North Augusta.
For media/press inquiries, please contact Courtney Malengo, Director of Communications at 301-354-2706.
New IRA Tax Benefit for Donations
December 22, 2015
For those aged 70 & a half or older, it is once again possible to make tax-favored charitable gifts from traditional and Roth IRA accounts.
On December 18, Congress passed and the President signed legislation retroactively extending the charitable IRA rollover for 2015 and makes this provision permanent for future years. A total of up to $100,000 can be transferred directly from traditional or Roth IRAs to one or more qualified charities free from federal income tax each year. There may also be state income tax savings. Amounts given in this way count toward required IRA minimum withdrawal amounts for the year of the gift.
To make such gifts, it is important not to withdraw funds prior to a gift, but have the gift amount distributed directly from an IRA to one or more qualified charities. For those with check writing privileges on their accounts, this may be the most efficient way to make gifts directly from an IRA.
Check with National Lutheran’s philanthropy team, your IRA administrator or your tax advisor for more information. Our team can be reached at:
Kirsten Haalboom, Director of Philanthropy
The Village at Rockville
George Sims, Director of Philanthropy
The Village at Orchard Ridge and The Legacy at North Augusta
Kathryn Baerwald, Chief Philanthropy Officer
National Lutheran Communities & Services