PLANNED GIVING. THESE words can intimidate donors and cause development directors to bite off their nails. But once you get past the ominous financial jargon, crafting a thoughtful estate plan could provide for loved ones, change a charity’s financial landscape, establish your legacy, and offer a significant reduction in income tax and capital gains.
Jennifer Thurman, director of development for Oklahoma Contemporary Arts Center, says planned giving plays a major role in the organization’s development portfolio. “Donors who make a planned gift create lasting change in our community and fuel active engagement with art and creativity for generations.”
Planned gifts are gift s anyone can make. The truth about planned giving is it can be complex in design or quite simple, according to your assets and your goals. Whether it be an IRA Charitable Rollover, naming a charity in your will, gift s of appreciated securities, a charitable remainder trust, or gifts of assets such as mineral interests, real estate, or artwork, there is a gallery of giving options when designing an estate plan.
A longtime supporter and trustee of Oklahoma Contemporary, Joan Maguire is excited about the greater
impact the organization’s future campus will have on the city. She has used the IRA Charitable Rollover to
support the organization. The IRA Charitable Rollover is an attractive giving incentive for individuals aged 70 ½ or older, allowing them to transfer up to $100,000 per year from an individual retirement account to charity. Even better, there are no taxes on the withdrawal, and the rollover can satisfy the required minimum distribution.
“I have used the IRA Charitable Rollover to contribute to Oklahoma Contemporary and other organizations on many occasions, therefore making donations that have been totally tax free to me,” Maguire says. “I believe that if you are fortunate enough to not need the required minimum distribution, it is an excellent avenue to give to charity while still growing the corpus of your retirement account until you need the funds.”
A trusted professional financial adviser or attorney can help with the estate-planning process. For information regarding planned giving at Oklahoma Contemporary, please visit oklahomacontemporary.com