A charitable gift through your retirement assets is a versatile way to support Trout Unlimited during, and after your lifetime.
Estate Planning Essentials
- Legal Name: Trout Unlimited, Inc.
- Employer Identification Number (EIN): 38-1612715
- National Address: Trout Unlimited, 1777 N. Kent St., Suite 100, Arlington, VA 22209
Perhaps the simplest way to support Trout Unlimited with a future gift is by naming the organization as a beneficiary of your retirement account(s). Just consult your advisor, complete and sign the forms, and keep a copy with your valuable papers. The flexibility of beneficiary designations means that you aren’t locked into the choices you make today. You can review and adjust beneficiary designations anytime you want.
Example: Bill wants to provide for his children, but he also wishes to leave a charitable gift to Trout Unlimited. Bill decides to pass on income tax-free inheritances such as real estate, cash, and life insurance to his heirs, and give his retirement plan assets in support of Trout Unlimited. The assets in his account will pass to Trout Unlimited free of any income tax obligation. In addition, Bill’s gift qualifies for an estate tax charitable deduction. Most important, Bill can change his mind at any time about the gift.
If you are 70 ½ or older, you can make a tax-free distribution from your IRA to Trout Unlimited. These “Qualified Charitable Distributions” (QCD) allow individuals to donate up to $100,000 each year without incurring income tax on that amount of their withdrawal. It’s an efficient way to support TU, and can help individuals save significant taxes.
To qualify as a tax-free distribution:
- Donors have to be 70 ½ or older to make “tax-free” donations through their IRA or Roth IRA. The donation is “tax-free” because your required minimum distribution would be taxed as ordinary income if it weren’t donated.
- The qualified charitable distribution (QCD) can be as much as a $100,000 per year. You can choose to give more than $100,000 per year from your IRA, but anything beyond that amount is subject to ordinary income tax.
- The donation must be made directly from the custodian of your IRA to Trout Unlimited.
- You cannot itemize the gift as a donation when filing your taxes, that would be essentially double counting the donation.
- The donation must be cashed (not just received) by Trout Unlimited in the calendar year to satisfy your required minimum distribution.
- You cannot receive any goods or services in exchange for the QCD portion of your IRA donation.
Please consult your professional tax advisor before contributing through your retirement account.