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Greetings to our partners!
Apparently, spring has sprung! As such, we do not want to waste any time in getting the spring edition of the Leave a Legacy newsletter out to our members. As you may recall, the format of the newsletter is changing to better meet the needs of our members. We are excited to announce that this edition marks the first time the Community Caller section is being included. Within this section, you will find volunteer opportunities as well as the announcement of free community events available at our nonprofit partners. We are also continuing the Q&A section in which nonprofit members have their long-term giving questions answered by one of our professional partners.
And don't forget - our Planned Giving Mentor Program is available at no additional cost to all member nonprofits. Members can arrange for two one-on-one meetings with an assigned mentor to help with a new planning giving program and/or evaluate an existing program to identify gaps or weaknesses.
As always, should you have thoughts, questions, or opportunities you wish to share, please forward them to the Marketing Committee via Kendall Menzer.
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2017 Steering Committee
W. Robert Berkebile
Chair
MacGregor J. Brillhart, Esq.
Professional Advisor Chair
Victoria A. Connor
Partnership Chair
Jennifer Hitz
Marketing Chair
Bradley C. Jacobs
Treasurer
Daniel E. McGarry, Jr., CLU, ChFC,
Immediate Past Chair
Bryan K. Tate
Program Chair
Terri Altland
Shannon Berwager
Jennifer Brillhart, MPA, CFRE
Donna Chandler
Trent Davis
Bobbi Anne DeLeo
Jennifer A. Galloway, Esq.
Bonnie Grizzell
Melissa Gross
Jill Hartman
Richard K. Konkel, Esq.
Kristen Marquis
David A. Mills, Esq.
Diana Mohn
David Morais
Chad A. Myers
Janine Pflaum
Richard Robinson
Thomas M. Shorb, Esq.
Kevin J. Smith, CFA, CFP, ChFC
Alex E. Snyder, Esq.
Mary Anne Winkelman
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Upcoming Events
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March 29 - Mixer with York County Estate Planning Council - Rockfish Public House - upstairs. Here's the
flyer for more information.
- April 27 - Networking Lunch about the state of charitable giving in York County. Here are the details.
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2017 Membership Drive
Thank you to everyone who has returned your 2017 renewals. To be included in the Partner Directory for this year, be sure to return everything by the end of April. If you've lost your renewal information, please send an email to
us.
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Featured Question
What is the best way to talk with donors about IRA Charitable Rollovers?
If you are over 70 ½, and if you have significant assets in an individual retirement account (IRA) you can use your IRA assets to make charitable gifts and save taxes that would otherwise apply to your withdrawals from your required Minimum Distributions (RMDs).
First of all, you can use your traditional IRA and even some Roth IRAs. Generally, amounts in your traditional IRA, including earnings and gains, are not taxed until they are distributed. So, avoiding income tax on these amounts might be a benefit. Even some Roth IRAs, e.g., those open less than five (5) years, might be subject to tax upon distribution.
Secondly, you can roll over up to $100,000 to a qualified charity in each year. So, if you have large Required Minimum Distributions and want to avoid paying tax on them, you can use the direct charitable rollover to make your gift and save you income tax on the distribution.
Thirdly, the transfer must be made directly to a qualifying charity. A direct rollover avoids recognizing the asset transferred to the qualifying charity as income. The law applies only to public charities, not to donor-advised funds or private foundations.
You can do this annually as the law is now permanent, no longer subject to an expiration date. Of course, that can change.
Obviously, you can contribute more than $100,000 from your IRA to a charity, but you cannot exclude the amount of that distribution over $100,000 from your gross income. And, if you contribute less than $100,000 you get the same benefit for your contribution, e.g., if you have a $6,000 RMD, a $5,000 distribution to charity will satisfy $5,000 of your $6,000 RMD obligation without any tax liability, reporting only the $1,000 difference on your income tax return.
Previously, if you had taken $100,000 out of an IRA and then gave it to a charity, the $100,000 had to be included in your gross income. When you used the charitable contribution itemized deduction, however, some limitations might have prevented deducting the full amount of the gift.
It is possible that the direct rollover check from your IRA will be mailed to you, as the account holder, first, even though the check is made out to the charity. So, you should begin the process no later than early to mid-December to make sure the charity cashes the distribution check by December 31st, although a 12/31 postmark should suffice.
David A. Mills, Esquire - Blakey, Yost, Bupp & Rausch, LLP
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Community Caller
Volunteers Needed - Upcoming Events
1.
York Habitat for Humanity: Work Site volunteers needed every Tuesday, Thursday and Saturday. Special Women Build Week coming up May 6 - 14. For more information:
www.yorkhabitat.org.
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Keystone Human Services: We are always looking for board and committee members who embrace our mission. Our next event is a BIG Flea Market on April 22, 7am to noon in Harrisburg. For more information:
www.keystonehumanservices.org.
3. York City Dollars for Scholars, Inc. (YCDFS) - We are looking to grow our existing board. YCDFS has provided over $1 million in scholarships to over 1,000 York City students since its founding in 1996 in addition to offering help with the transition to post-secondary study. If you would like to be a part of this important work, please contact Diane Baker at 717-747-1550 or
dbakercpa@yahoo.com.
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If you have any questions or concerns regarding this eNewsletter or would like to submit a question or request, please notify LEAVE A LEGACY York County at lalyork@yorkbar.com or www.lalyork.com. |
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137 E. Market St.
York, PA 17401
www.lalyork.com
Leave A Legacy
® York County
A Program of the York County Bar Foundation
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