NEW LAW BENEFITS IRA HOLDERS

Having more retirement money than you need is an easy problem to solve!

In 2007, people age 70 1⁄2 and older can transfer IRA assets each year to public charities, including Community Foundation of the Tri-County Area, without triggering federal and state income taxes today or estate taxes in the future. If married, each spouse is eligible for the tax-free IRA transfer. Consult your tax advisor or financial planner, and then give us a call to discuss how you can make a positive difference today and far into the future.

• Suggestion #1: Donate to the Community Foundation Discretionary Fund. Help us meet changing needs in our community and support the work of a variety of nonprofit organizations through our Discretionary Grants Program.

• Suggestion #2: Add to an existing or start your own Field of Interest Fund. IRA transfers to Field of Interest Funds allow donors to support causes of particular interest to them, such as youth programs, services for the elderly, the environment, animal welfare, or arts organizations. The Community Foundation selects the best grant recipients annually on a competitive basis and considering the donor’s area of interest.

• Suggestion #3: Add to an existing or start your own Designated Fund, helping local organizations sustain and grow. IRA transfers to Designated Funds allow donors to support the good work of a specific nonprofit organization, such as a local agency, your library, or any qualifying nonprofit.