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Planned
Giving Coaching Tip |
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PG-COACH says: Even though Congress has failed to extend the IRA Rollover provision, which expired on December 31, 2007, you still need to promote IRA gifts among your older donors. Although direct cash transfers are nice, the really big money from IRAs will come through beneficiary designations. Even though you cannot promote IRA Rollovers right now -- at least not until new legislation is passed and enacted -- you can remind your donors to name your organization as a beneficiary on their IRA. Make sure your donors understand that your organization -- as a tax-exempt charity -- will pay no taxes on these IRA distributions, which will be taxed for all non-charitable beneficiaries. Commentary: IRA gifts by beneficiary designation are easy to explain and easy to set up. Your donor merely obtains a Change of Beneficiary Form, fills out the beneficiary section, signs it, and sends it back to the company. Make sure your donors understand that they can leave any percentage of their IRA to your organization. This is not a choice between making a charitable gift and leaving assets to family members. They can do both. Even a 5% share of an IRA can be a very nice gift. These IRA beneficiary gifts are a great way for your board members to arrange a planned gift. Most of your donors have IRAs, and most of them will be open to the idea of leaving a portion of it to your organization, if you just remind them how easy it is to arrange.
Questions about improving |
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Planned Giving Boot Camp Tampa Everything you need to know to launch and operate a successful planned giving program. Invest 2 days and start bringing in large planned gifts. |
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Serving Florida's Charities, Donors and Professional Advisors
John Elbare, MBA, CFP -- Principal Consultant & the PG-COACH |
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