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Estate and Gift Planning

IRA Gifts

Make a Qualified Charitable Distribution from Your IRA

A qualified charitable distribution from an IRA is a good way for IRA owners age 70½ and over to support our work. It’s easy to do.

  • Instruct your IRA custodian to make a distribution directly to our organization.
  • Although there is no tax deduction, the distribution is excluded from your income for federal tax purposes—no tax is due!
  • Up to $100,000 of your gift (annual aggregate limit for 2023) qualifies for this favorable tax treatment.
  • Your gift makes an immediate impact.
  • A qualified charitable distribution from an IRA counts toward a donor’s required minimum distribution (RMD) if one is due. Contributions to your IRA after age 70½ can impact the amount eligible for a tax-free transfer.

A New Qualified Charitable Distribution Option to Consider

Starting in 2023, IRA owners age 70½ or older can make a one-time, tax-free IRA distribution of up to $50,000 in 2023 to create a new charitable gift annuity (CGA) or a charitable remainder trust (CRT). The distribution counts toward your RMD if one is due. This is an option worth considering if you want to make a gift from your IRA and establish a new income stream.

Note that spouses may contribute up to $50,000 each from their individual IRAs into a single CRT or a joint-life CGA. Payments may only go to you and/or your spouse.

Please contact us to learn more about planning and completing a qualified charitable distribution, or click here to calculate your required minimum distribution. 

CHM ESTATE AND GIFT PLANNING OPTIONS

Making a planned gift—whether by including a bequest to the Museum in your will or by naming CHM as the beneficiary of a charitable remainder trust, life insurance policy, or retirement fund—provides essential support for the Museum’s future. Planned gifts can offer significant tax advantages and in some cases generate lifetime income for you or your chosen beneficiary.

Learn more about Estate and Gift Planning at CHM.

PLANNED GIVING RESOURCES LIBRARY

For a deeper look into various estate gift topics, explore our Planned Giving Resources Library.

FOR MORE INFORMATION

For more information on how these gifts might work for you, contact us to learn more about Estate and Gift Planning. 

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