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Put Your Retirement Plan Assets to Work

Put Your Retirement Plan Assets to Work

Put Your Retirement Plan Assets to Work.  Camp Ondessonk Le Coeur Society

Using your retirement plan assets can be a great way to make gifts to Camp, both now and in the future, while reducing taxes that might be due on these funds. If the funds in your tax-favored retirement plan exceed your needs, or if you are required to take mandatory withdrawals from such plans, giving from this source might be advantageous for you. Check with your tax advisor to determine if you can benefit from these options.

Using your retirement plan assets can be a great way to make gifts to Camp, both now and in the future, while reducing taxes that might be due on these funds. If the funds in your tax-favored retirement plan exceed your needs, or if you are required to take mandatory withdrawals from such plans, giving from this source might be advantageous for you. Check with your tax advisor to determine if you can benefit from these options.

If you are age 70 ½ or older you can give directly to Camp from a traditional or Roth IRA completely free of federal income tax.  Gifts of any value $100,000 or less are eligible for this benefit and you can feel good knowing that you are making a difference at Camp Ondessonk. 

Beginning in the year you turn 72, you can use your gift to satisfy all or part of your required minimum distribution (RMD).  This could reduce or eliminate the taxes that would be due on the amount withdrawn if you itemize your charitable gifts or other deductions. Additionally, you can name Camp to receive all or a part of your retirement plan assets after you are gone.  Simply ask your plan administrator for a change of beneficiary form.  For more information about giving through your retirement plan, contact Whitney Strang, Director of Development at 618-695-2489 x114 or whitney.strang@ondessonk.com.

 

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