Copper Cross 401K Distributions

Tax law also provides a charitable giving opportunity during one’s lifetime. Owners of Individual Retirement Accounts (IRAs) who are age 70 ½ or older may make tax-free charitable gifts of up to $100,000 per year from an IRA directly to Hinsdale United Methodist Church. More specifically:

  • Gifts must be made directly to the Hinsdale United Methodist Church from the IRA administrator
  • The donor must be at least 70 ½ years of age
  • The gift can be counted toward the Required Minimum Distribution (RMD)
  • Multiple gifts can be made
  • Gifts can be made for a portion of the Required Minimum Distribution (RMD), all of the RMD, or more than the RMD, up to $100,000
  • Charitable rollover gifts cannot be made from 401(k) or 403(b) plans
  • No taxes are paid on these gift amounts
  • These gifts cannot be used to fund charitable remainder trusts or charitable gift annuities

 

 

 

(Add the following as a hyperlink associated with making a bequest:)

 

Sample Bequest Language (which may be modified as desired):

  1. Bequest of cash
    “I bequeath the sum of $10,000 to Hinsdale United Methodist Church.”2. Bequest of a percent of the estate
    “I devise and bequeath 20% of the remainder and residue of property owned at my death, whether real or personal, and wherever located, to Hinsdale United Methodist Church.”3. Contingent Bequest
    “If my brother John Doe survives me, I devise and bequeath 20% of the remainder and residue of property owned at my death, whether real or personal, and wherever located to John Doe. If John Doe does not survive me, then I devise and bequeath 20% of my residuary estate, whether real or personal property and wherever located, to Hinsdale United Methodist Church.”