Fall always feels like the beginning of a new year for me. Maybe it’s because I spent so many years pursuing my education and then my children’s education! Whatever the reason, I welcome the change of season, a new crispness in the air and the incredible colors about to erupt on the trees. It feels like a fresh start, a time to take stock and prioritize.
One way I do this is by reviewing my charitable giving. Now is the time to plan for how and where I will give in the new year. I’m so grateful for all our Cedar Lake donors who faithfully give in every season – thank you! This year we have been the recipient of several generous estate gifts. Donors who were faithful in their lives to our mission continued their legacy through their estates and made an amazing difference for Cedar Lake. Did you know you can make this type of legacy gift now?
If you are 70 ½ or older, you can make a gift to Cedar Lake directly from your IRA. New regulations do not require you to take a required minimum distribution until age 72, but you may use your IRA to make charitable gifts any time after 70 ½.Your gift will be put to use today, allowing you to see the difference your donation is making. You will pay no income taxes on the gift. You may transfer up to $100,000 a year directly to a charity. The transfer generates neither taxable income nor a tax deduction, so you can benefit even if you don’t itemize your deductions.
Most importantly, you will make a profound difference in the lives of the people in our care. If you need any additional information, or would like to discuss opportunities to utilize your IRA to help support the mission of Cedar Lake, please email me at ksanders@cedarlake.org or call 502. 495.4942.
