A gift from your retirement assets, such as your IRA, 401(k), 403(b), pension or other tax-deferred plan, is an excellent way to plan or give a gift to Friends of Strays. Why? Because you’re using pre-tax dollars. It’s a win-win for you and for the animals.
If you don’t have write-offs that exceed the new IRS standard deduction that allows for itemizing your charitable deductions, gifts from your retirement plan are a great option. That’s because you can make a gift from your retirement account to Friends of Strays — from $100 to $100,000 — and the distribution won’t count as taxable income.
A charitable gift from your retirement account is also a wonderful option if you’re 70 and a half years of age or older and have to take a Required Minimum Distribution (RMD) each year. If you’d like to make a charitable gift to the animals and you don’t need the income from your RMD, you can instruct your financial advisor or custodian to transfer the RMD directly to Friends of Strays and it won’t be included in your taxable income.
There is also another way you can make a gift through your retirement account. There’s an outright gift, as described above. You can also name Friends of Strays as a beneficiary of your retirement account. If you establish Friends of Strays as a beneficiary, the animals will benefit from the full value of your remaining IRA assets and they will not be taxed. These gifts can be truly transformational for the animals