NGCF/Lake Rabun Funds
Recent tax law changes may impact charitable giving strategies. One option that has been available for a while but may now be more valuable is directing up to $100,000 per year from your IRA account to charity if you are over 70½ years old. This strategy can eliminate or reduce taxes on required minimum distributions from your IRA. With the increased standard deduction now in effect, elimination of a charitable contribution deduction may have little or no impact on your tax liability.
Retirement plan accounts, including IRAs, that are left to heirs often generate a significant tax liability. Naming a tax exempt charitable organization as an IRA or other retirement plan beneficiary can be an excellent choice of asset to fund a charitable bequest. When properly structured, the entire bequest will be available for use by the charity with no income tax cost.
The Foundation is a fund at North Georgia Community Foundation, a Section 501(c)(3) tax exempt public charity.
The general information provided here is not intended as tax advice. Tax effects vary by individual and you should consult your tax advisor regarding the optimal charitable giving strategy as you consider support of the Lake Rabun Foundation
