Sonora, CA — Since 1974, millions of Americans have saved billions of pre-tax dollars in Individual Retirement Accounts (IRAs).
Thanks to continued savings and investment returns, an estimated $3.6 trillion is currently invested in IRAs, and the total continues to grow.
Thursday, a federal law was enacted allowing IRA owners to share the wealth of their retirement savings by giving directly to charity, without first counting it as income and paying income tax.
Sonora Area Foundation Executive Director Mick Grimes says it is a wonderful win-win, for people who would rather give to charity than pay taxes, and for the nonprofit organizations they choose to support.
By going directly to charity, the money is not included in the IRA owner´s income and most importantly, is not taxed, preserving the full amount for charitable purposes. The law covers all gifts made this year and next.
As a qualified public charity, Sonora Area Foundation can help donors execute the transfers and choose from several charitable fund options for their gift.
Grimes says it is a limited-time offer: the window is open now, but it will close in 2007 unless Congress extends it. For anyone interested in establishing a permanent legacy in this community, this is the opportunity of a lifetime to make the gift of a lifetime.
Written by Sabrina Sabbagh