From time to time, the Dominican Friars Foundation provides information we think would help our supporters accomplish their financial and philanthropic goals while being good stewards of God’s gifts. In this article, we take a look at recent changes to retirement plan laws, how they might impact you and strategies to help you save taxes.
The SECURE Act went into effect on Jan. 1, 2020, and with it came some of the most important changes to retirement plans since 2006. Here is a brief summary of what changed and what stayed the same.
What Stayed the Same
Your Next Steps
If you have questions about the impact the SECURE Act will make on your retirement plans, be sure to make an appointment with your accountant, financial advisor or estate planning counsel. They can review your plans (including your beneficiary designations) and ensure they still accomplish what you want them to.
Please note: this information does not constitute legal or financial advice and we strongly encourage you to consult with your tax advisor about these strategies and whether they may be appropriate to your individual circumstances.
For further details download this document:
Please don’t hesitate to contact us to learn more. Our Director of Gift Planning, Diana Kilarjian, can be reached at 646-350-0108 or Diana.Kilarjian@DominicanFriars.org. We are happy to work with you and/or your advisor to determine the best giving strategy for you.
Make a Tax-Free Gift from your IRA
Thank you for considering a gift to the Dominican Friars both now, and as a legacy gift via a beneficiary designation, of your IRA. Yourgift would go a long way towards helping to renew the culture, both now and for future generations.
Making gifts directly to the Dominican Friars from your IRA, is still a good opportunity to make an impact on the culture, that will help you avoid taxes.
If you are age 72 or older, and make a direct gift to us it lowers the amount the government requires you to take out of your IRA. That way you don’t ever have to pay taxes on it.”
If you are between age 70½ and 72, and make a direct gift to us, you will avoid the takes you would pay if you take that money out yourself. A lot of people like to do this because they can’t use the charitable deduction anymore. This is a great way to still get a tax benefit from your giving.
If you are ready to make a gift to the Dominican Friars, following are the instructions to make a direct transfer from your banking institution and below is the information to make a legacy gift to the Friars by setting up a beneficiary designation.
ABA or Routing # 021407912
Checking Acct# – 752 849 7572
The Dominican Foundation of Dominican Friars Province of St. Joseph, Inc. is a NY State tax-exempt corporation under section 501(c) (3) of the Internal Revenue Code (EIN 26-3273636).