Estate and Gift Planning
If you are at least 70 1/2, you are required to make withdrawals from your IRA that are subject to income tax. However, if you don’t need to withdraw money from your IRA, you may wish to make a gift to The Communities of Don Guanella and Divine Providence and avoid paying tax on the amount of your required minimum distribution. A special provision of the tax code allows you to rollover up to $100,000 each year from your IRA to charity and pay no taxes on the amount of your gift.
- You avoid paying any income tax on the amount that you rollover directly to a charity.
- You have the satisfaction of seeing the immediate result of your generosity.
- You will be remembered in the prayers and Masses offered for all our benefactors and members of the St. Luigi Guanella Legacy Society
How to do it:
- Contact your financial adviser or the financial institution managing your IRA and tell them you would like to rollover any amount you choose up to $100,000 to the Communities of Don Guanella and Divine Providence.
- If you have a 401k retirement plan, you can roll money from that account into an IRA, and then rollover the amount you choose from the IRA to The Communities of Don Guanella and Divine Providence and receive the same benefit.
- Provide our Tax ID number. Following the 2019 merger of Don Guanella Village and Divine Providence Village, the Tax ID number for The Communities of Don Guanella and Divine Providence is 23-2313873
IF YOU HAVE ALREADY MADE A LEGACY GIFT TO THE COMMUNITIES OF DON GUANELLA AND DIVINE PROVIDENCE, PLEASE LET US KNOW. WE WANT TO BE CERTAIN WE HAVE YOU ENROLLED IN THE SAINT LUIGI GUANELLA LEGACY SOCIETY.