Planned gifts are often referred to as deferred gifts. Our donors make these gifts after planning their estates and writing their wills. A planned gift is a way of supporting Trinity-Pawling that maximizes your personal objectives while minimizing the after-tax cost. Depending on the choice of the gift asset and the type of gift you might make, you can generally expect to realize some or all of the following benefits:
- Fulfillment of philanthropic goals
- Income-tax savings through charitable deduction for the value of the gift
- Avoidance of capital-gain tax on contributions of long-term, capital-gain property
- Payments for life for the donor and/or other beneficiaries
- The possibility of increased spendable income
- Elimination of federal estate tax on the value of the interest in property passing to Trinity-Pawling upon your death
- Reduced costs and time in estate settlement
Planned Charitable Gifts
The following are the various forms of planned charitable gifts that can be made to Trinity-Pawling. We recommend that you consult with your tax and legal advisors for a full discussion of the tax implications of particular gift plans.
My father was a Pawling School graduate from the Class of 1923, and I'm a Trinity-Pawling graduate from the Class of 1953. I do not give to Cornell (my alma mater), but I do give to Trinity-Pawling and shall continue to give as long as I can.
Gil Lamb ’53
The SECURE Act
How will it affect your IRA?
The SECURE Act, or the Setting Every Community Up for Retirement Enhancement Act, was signed into law on December 20, 2019. This bill includes provisions to address the fact that more people are working beyond the age of 65 and the concern that some individuals need an opportunity to put more money away to ensure a secure retirement.
If you support Trinity-Pawling through your IRA, here are some key takeaways.
- You have longer to contribute to your IRA. Previously, after you reached the age of 70½, you could no longer contribute to your IRA. The Act repealed this age limitation, allowing traditional IRA owners more time to save and to make contributions indefinitely.
- The age for the required minimum distribution changed. For those born July 1, 1949 or later, the age for which you must start taking your RMD from your retirement account changed from 70½ to 72.
- At age 70½ or older you can still make tax-free gifts to Trinity-Pawling from your IRA. This rule did not change and allows you to directly transfer up to $100,000 to the School without paying income tax on the distribution.
For more information on the above and to learn more about the other significant changes created by the new law, please contact a tax professional or your financial advisor.
If you would like to support Trinity-Pawling through your IRA, please contact the Office of Advancement at 845-855-4830.