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Planning & Economy

Donor Designated Fund- Lower Taxable Income in Retirement

November 11th, 2021

Taxes happen to be one of the largest expenses in retirement and taxes can increase once you start to take your required minimum distribution (RMD) at age 72.  As most of you know, you have the option to distribute your RMD or up to $100,000 to qualified charities without paying the income taxes on the distribution.  A qualified charity is an organization that qualifies for tax-exempt status which are typically non-profit organizations including churches, schools and government entities.

What if you want to make a qualified charitable distribution from your IRA but do not want to make 100% of the donation now or you’re unsure how much you want to donate to your charitable organizations right now?  There is a fund called the Donor Designated Fund in which you can contribute your RMD and eliminate income taxes on the distribution.

Facts about the Donor Designated Fund:

What are the advantages?

I am a new member of the board of directors for the North Georgia Community Foundation and am learning ways to help others give generously in their community.  I have recently learned a lot about the various philanthropic funds and the advantages they offer donors to have more flexibility and control with their giving.  If you would like to learn more about this topic in more detail, please let me know and I’m happy to help.

 

Christina Jones
CERTIFIED FINANCIAL PLANNER™
Financial Planner
Partner, Windsor Wealth
 
 

Donors are urged to consult their attorneys, accountants or tax advisors with respect to questions relating to the deductibility of various types of contributions to a Donor Designated Fund for federal and state tax purposes.

To learn more about the potential risks and benefits of Donor Designated Funds, please contact us.

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