If you are 70½ or older, you can use your IRA to
make a charitable gift to the Karmanos Cancer Institute today!

IRA Charitable Rollover extended for 2008 and 2009

The reinstated Pension Protection Act of 2006 was included in the Financial Rescue Bill (Emergency Economic Stabilization Act of 2008, H.R. 1424), signed into law by President Bush on October 3, 2008.

For people 70½ years of age or older, you can use your IRA to make a tax-free gift to charity. Consider the IRA charitable rollover if you have excess IRA funds or want to lower the amount of your required minimum IRA distribution. While there is no charitable deduction, there is also no tax when the distribution is a direct charitable rollover.

Basic Provisions:

• You must be at least 70½ years of age.
• Tax benefits apply for gifts that total up to $100,000 per person per year.
• You can make these IRA charitable distributions in 2008 and 2009 only.
• You must transfer funds directly from an IRA to one or more eligible charitable organizations.

Use your IRA to make a tax-free charitable donation for your annual contribution, a major gift or to satisfy a current pledge. Tax-free rollover gifts can be $1,000, $10,000 or any amount up to $100,000 in both the 2008 and 2009 tax years. If a spouse has an IRA and is 70½ or older, he/she can also give up to $100,000 in 2008 and 2009.

The law is applicable solely to make direct gifts to charity, not for planned gifts such as charitable gift annuities or charitable remainder trusts.

This is an easy way to benefit Karmanos Cancer Institute without tax complications.

How to Make a Gift
Karmanos Cancer Institute qualifies as an eligible organization. Contact our Office of Planned Giving at 313-576-8119 to inform us of your intent to make an IRA charitable distribution.

Contact your IRA administrator to transfer your desired amount.

For More Information
Contact your financial advisor about whether an IRA Rollover to the Barbara Ann Karmanos Cancer Institute meets your needs or call:

Office of Planned Giving:
Lynn Fisher 313-576-8119, fisherl@karmanos.org
Debbie Fellberg 313-576-8102, fellberd@karmanos.org

Barbara Ann Karmanos Cancer Institute
4100 John R,
Mail Code: NC06DS
Detroit, MI 48201

Another giving strategy that one can do at any age is to name the Karmanos Cancer Institute as the beneficiary of all or a percentage of your IRA assets (IRA, 401(k), or 403(b)). Inherited retirement accounts are heavily taxed so that 65% or more of the fund’s balance could be lost to taxes, making them the most expensive asset for your family to inherit. Consider leaving your retirement assets to Karmanos and other assets to your family.

To do this, simply complete a change of beneficiary form with the company holding your plan or provided by your employer’s benefit office.

The Barbara Ann Karmanos Cancer Institute is not engaged in rendering legal or tax advice.