Lifetime Gifts from IRAs
Individuals age 70½ or older are able to make gifts directly from their IRA to Marshfield Clinic Health System. This gift, called an IRA charitable rollover or a Qualified Charitable Distribution (QCD), allows for the gifted amount to be counted against your annual required minimum distribution.
Although you will not receive a tax deduction for the gift, you also will not report the amount of the gift as a taxable distribution. Gifting from an IRA in this manner is ideal for individuals who do not itemize their deductions.
It is also advantageous for those individuals whose itemized deductions are subject to phase-out rules. The maximum amount that can be given to Marshfield Clinic Health System or other charitable organizations from your IRA is $100,000. There is no minimum amount.
Gifts from IRA/Retirement Assets
Naming Marshfield Clinic Health System as a primary or secondary beneficiary of your IRA or other retirement assets is an excellent way to maximize tax savings for your family and other beneficiaries.
Marshfield Clinic Health System does not have to pay income taxes on the distribution, while your family or other beneficiaries would have to pay income taxes. As a general rule, your tax-burdened assets (like an IRA) should be used first to fulfill a charitable gift, with other assets being distributed to your family and other beneficiaries.