INDUSTRY NEWS
Big hearts give smart
With proactive planning , you can reduce your taxable income and advance the bright future of healthcare in North Texas .
Our donors care deeply about the dynamic healthcare advances at Baylor Scott & White Health . Your support is integral in saving and improving lives .
As you consider your 2023 path to charitable giving , you may be wondering , “ How will the new laws — with their slate of changes , known collectively as the Secure 2.0 Act , impact my giving strategy this year ?”
At Baylor Scott & White All Saints Health Foundation , we offer key takeaways and insights to help you build your legacy . The new changes are designed to give
you added flexibility so you can feel good about giving to organizations and causes that matter most to you .
To learn more , contact Cristie King at Cristie . King @ BSWHealth . org or 817.922.7714 .
In essence , the Secure 2.0 Act :
Increases the required minimum distribution ( RMD ) age .
The new law increases the age retirees must begin taking taxable withdrawals to 73 in 2023 and 75 by 2033 , up from the previous age of 72 . It does not , however , increase the age when an IRA owner can take a qualified charitable distribution . That remains at 70½ .
How does this affect me ?
Simply put , the extension of the RMD age gives you more time to save . You will enjoy additional tax-free growth . That can be significant if you do not want to begin withdrawing retirement funds during an unsettled economic period , giving you more time for your stock portfolio to recover .
Adjusts for inflation the $ 100,000 annual limit on direct gifts to qualified charities from your IRA .
Are you 70½ or older ? If so , you may know about a popular gift option that allows you to make a gift directly from your IRA to a qualified charity without paying income taxes on the distribution . Historically , the amount you could give was capped at $ 100,000 per year . This figure will now be adjusted annually for inflation beginning in 2024 .
How does this affect me ?
This new adjustment allows you to not only increase your giving but also to ensure that your giving keeps pace with inflation . And you can make an impact — and see that impact — now , rather than after your lifetime .
Allows for a distribution from your IRA to fund a life-income gift .
If you are 70½ or older , you can choose to make a one-time , qualified tax-free charitable distribution of up to $ 50,000 from your IRA to fund a life-income gift . That gift can be a charitable gift annuity , charitable remainder unitrust or charitable remainder annuity trust .
How does this affect me ?
Life-income gifts like these give you the best of all worlds . You can make a gift to a qualified charitable organization and receive lifetime payments to boost your retirement income or provide a lifetime payment for you or your spouse , or both .
It ' s almost 2024 , but you can still make a difference in 2023 !
SCAN THE QR CODE TO DONATE TO EMPOWER OTHERS TO LIVE WELL .
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To learn more about any Baylor Scott & White All Saints Health Foundation initiative , contact the Foundation at 817.922.7707 or email AllSaintsFoundation @ BSWHealth . org . Write to us at 1400 Eighth Avenue , Fort Worth , TX 76104 .