Using your IRA to benefit NKCAC

For many donors, an ideal method of giving is through a retirement plan gift. Because taxes are deferred in many pension and retirement plans—including standard IRA’s—the taxes are often paid upon the death of the covered retiree. This results in an unusually high tax for your heirs, a result you do not want. To avoid such high taxes, you may want to consider naming your spouse as the primary beneficiary of your plan, with Northern Kentucky Community Action Commission as the final contingent beneficiary.

If you are 70 1/2 years old, you must begin taking payments from your IRA's. If you do not need the money at this time and do not want the tax consequences that a distribution may cause, giving the distribution to NKCAC is your answer. Not only do you meet the distribution requirements of the IRA, but you receive a deduction for a charitable contribution, in effect, reducing your tax liability for the year.

Other giving opportunities