Fall / Winter 2019 | Planned Giving 27
Ways to
Make an
Impact with
Your IRA
At The Michael J. Fox Foundation (MJFF),
we never stop building on the research
momentum of today so that tomorrow, we
will be closer to new breakthroughs and a
cure for Parkinson’s disease (PD). There are
several ways you can make a difference. You
can give outright today and make a tax-saving
gift with an IRA charitable rollover, or you can
name MJFF as the beneficiary of your IRA.
If you’re 70½ or older, you’re eligible to make
a gift through an IRA charitable rollover. You can
give up to $100,000 from your IRA directly to
MJFF without having to pay income taxes on the
money. The transfer generates neither taxable
income nor a tax deduction, so you benefit
even if you don’t itemize your deductions.
Having a beneficiary of your IRA can offer
increased flexibility of providing for your family
and the causes you care about. For Judy Mayo and
Sid Aaron of Georgetown, Texas, naming MJFF
as a beneficiary of two IRA retirement funds
was a natural step, expanding on their already
active role in Parkinson’s community. Sid is
living with Parkinson’s and several of Judy’s family
members have lived with PD, so they set out to
dedicate their legacy to the people and causes
they care about most. “We wanted to support an
organization funding research to get treatments
to people. And that was MJFF,” says Judy.
PHOTO COURTESY OF JUDY MAYO AND SID AARON
Frequently Asked
Questions
Can my gift be used as my required
minimum distribution under the law?
Yes — If you have not yet taken your
required minimum distribution, the IRA
charitable rollover gift can satisfy all or
part of that requirement. Contact your IRA
custodian to complete the gift.
Do I need to give my entire IRA to be
eligible for the tax benefits?
No — You can give any amount under this
provision, as long as it is $100,000 or less
this year. If your IRA is valued at more than
$100,000, you can transfer a portion of it
to fund a charitable gift.
Is The Michael J. Fox Foundation
in your will, trust or other estate
plans? Let us know so we can add
you to our Legacy Circle and help
you plan for the future. Please
contact us at 212-509-1524 or at
[email protected].