More about estate planning

If you are the owner of a traditional IRA, you must generally start receiving at least a minimum distribution from your IRA by April 1 of the year following the year in which you reach age 701⁄2. While distributions from your IRA are usually considered to be taxable income, a qualified charitable distribution (QCD) made directly by the trustee of your IRA (other than an SEP or SIMPLE IRA) to an organization eligible to receive tax-deductible contributions, such as Meals on Wheels, is generally not taxable. A QCD will count towards your required minimum distribution for the year in which it is given.

Philanthropy is personal to each of us; it reflects our desire to positively impact the welfare of others through contributions of our resources. Have you ever considered Meals on Wheels as part of your Planned Giving? If you have, thank you. If you haven’t, we hope you will. 

Planned giving does not have to be complicated or difficult. Planned giving is the process of making a commitment to a charitable organization and making arrangements for contributions in the present or the future. Most frequently this is part of one’s financial or estate planning.

Bequest: One of the most popular planned giving vehicles is a bequest. This is a gift that will continue your legacy of supporting members of the community and is designated in your will or through your trust. These gifts come in many forms that may include personal property, retirement accounts, securities, and/or life insurance
Retirement Account Beneficiary: By designating Meals on Wheels Shaker Heights as your beneficiary, retirement account funds including IRA’s and company plans may be transferred to a charity at the time of one’s death. If you are 701⁄2 years old or older, you can satisfy part or all of your required minimum distribution requirement by donating directly from your IRA.
Donor-Advised Funds: Donor-advised funds are a charitable investment account with the sole purpose of supporting charitable organizations of your choice. When you contribute cash, securities or other assets to a donor-advised fund, you may be eligible to take an immediate tax deduction. Funds can be invested for tax-free growth, and you can recommend grants to virtually any IRS-qualified public charity like Meals on Wheels Shaker Heights.
Charitable Remainder Trust: A charitable remainder trust is an irrevocable trust that provides a stream of income for your family members for the term of the trust before the remaining assets are transferred to the designated charitable organization at the end of the trust.
There are many ways to contribute through Planned Giving, and we encourage you to meet with your wealth, financial, estate, and/or tax advisors to ensure that you select the planned giving option or options that best meet your needs and philanthropic goals. We hope that your Planned Giving includes support for Meals on Wheels so that we can continue to fulfill our mission.