Make the Gift of a Lifetime Turning Retirement Accounts into Charitable Good     There is good news for community foundation donors and the communities they care about. Thanks to recently passed federal legislation, American seniors can make the gift of a lifetime by giving individual retirement account (IRA) assets directly to charity free from federal taxes. This may be an attractive giving option for you if you are: Over 70-1/2 and now receiving minimum IRA distributions-but do not need the extra income. Interested in making a significant lifetime gift to your community. In 2006 and 2007, a provision in the new Federal Pension Protection Act of 2006 allows those age 70-1/2 and older to directly transfer up to $100,000 from an IRA to charity this year – and another $100,000 next year – federal tax free. If married, each spouse can transfer $100,000 per year from his or her IRA. Using IRA assets to make a gift during your lifetime enables you to experience the joy of making a major gift now, rather than from your estate, supporting charitable causes you believe in. IRA contributions can be made directly to Richland County Foundation and directed to an unrestricted, field of interest, agency endowment, scholarship or designated fund at the Foundation. By giving through your community foundation, you can use your gift to meet ever-changing community needs-including future needs that often cannot be anticipated at the time your gift is made. Is a charitable IRA gift right for you? Please discuss all giving options with your estate or tax planner. Then contact Pam Siegenthaler at the Richland County Foundation to complete your “Gift of a Lifetime.”     Charitable Gift Annuities 'Tis better to give AND receive... Walt Chaffee used the Foundation's CGA program to convert some appreciated securities into guaranteed lifetime stream of income. An annuity is “the payment of an annual income or allowance.” A charitable gift is, well, a “gift to charity.” Put them together and you have a Charitable Gift Annuity -- the giving technique with something for everyone. It’s an ideal plan for those who’d like to make a significant gift but depend on the income from their assets.   A Charitable Gift Annuity is a simple contract between a donor(s) and Richland County Foundation. In exchange for a contribution from a donor(s), the Foundation promises to make fixed payments for life to one or two annuitants. The amount paid is based on the age of the annuitant(s). The Foundation invests and manages the contribution, and when the last annuitant has died, uses the remainder of the contribution for its charitable purposes.   Is a Charitable Gift Annuity safe? Yes, it’s backed by the full resources of the Richland County Foundation.   Are there tax benefits to such a gift?  Yes again.  The donor is entitled to an income tax charitable deduction for the “gift portion” of the contribution. Payments to the annuitant(s) are partly tax-free. When long-term appreciated securities are contributed, tax on any capital gain is reduced and, if the donor is an annuitant, the tax is also deferred.   To learn how a gift annuity might work in your particular situation, please contact Pam Siegenthaler, 419.525.3020 SUGGESTED "Single Life" IMMEDIATE CHARITABLE GIFT ANNUITY RATES Approved by the American Council on Gift Annuities Effective July 1, 2006-June 30, 2007 Age                                                  Rate   60                                                                                                          5.7 61                                                                                                          5.8 62                                                                                                          5.9 63                                                                                                          5.9 64                                                                                                          6.0 65                                                                                                          6.0 66                                                                                                          6.1 67                                                                                                          6.2 68                                                                                                          6.3 69                                                                                                          6.4 70                                                                                                          6.5 71                                                                                                          6.6 72                                                                                                          6.7 73                                                                                                          6.8 74                                                                                                          6.9 75                                                                                                          7.1 76                                                                                                          7.2 77                                                                                                          7.4 78                                                                                                          7.6 79                                                                                                          7.8 80                                                                                                          8.0 81                                                                                                          8.3 82                                                                                                          8.5 83                                                                                                          8.8 84                                                                                                          9.2 85                                                                                                          9.5 86                                                                                                          9.9 87                                                                                                          10.2 88                                                                                                          10.6 89                                                                                                          11.0 90 and over                                       11.3 FOR DONORS HOW TO ESTABLISH A FUND TYPES OF FUNDS DONOR SERVICES HOME