Now it’s easier than ever to make the gift of a lifetime.
IRAs can qualify for tax-free charitable distributions. The Minneapolis Foundation can help turn your individual retirement accounts (IRAs) into tax-saving charitable gifts. New tax benefits allow more people to experience the joy of giving during their lifetimes.
You can give more for less.
Thanks to the new legislation, American seniors can make the gift of a lifetime by giving their IRAs to charity without federal tax penalty. So your retirement funds can go further than ever before.
For years, estate planners have recommended that retirement assets may be the most tax effective asset in larger estates to distribute to charity. These assets are not only vulnerable to heavy taxation as part of an estate but also can be taxed again as income in respect to a decedent on the tax returns of heirs.
Until recent legislation, there was a disincentive for retirees to give IRAs to charity during their lifetimes because withdrawals from IRAs were subject to income tax—even those given to charity.
Tax law extension. Through 2009, retirement assets may become a preferred charitable gift for seniors. IRA distributions to charity can now receive new tax advantages. Americans age 70½ and up can make tax-free IRA contributions to public charities such as your community foundation.
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You can make a difference.
Your community foundation can help you connect to the causes you care about most. You can set up a charitable fund in your name or make an unrestricted gift. Giving is one of life’s pleasures; we can help you enjoy it today.
By giving through The Minneapolis Foundation, you can use your gift to meet ever-changing community needs—including future needs which often cannot be anticipated at the time your gift is made. Your gift can target the causes and programs you care about most.
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Create a fund at The Minneapolis Foundation
The Minneapolis Foundation understands our community’s pressing issues and can help you establish a fund to make an impact in areas of need or opportunity that are important to you. Here are four great ways to turn your IRA into community good…
Community Action Funds - meeting ever-changing community needs
Address a broad range of current and future needs. The Minneapolis Foundation's Community Action Funds support efforts to improve systems and policies to address poverty, underachievement, and injustice. We focus on these broader efforts in order to serve the greatest number of people and have long-term impact.
Field of Interest Fund - connecting personal values to high-impact opportunities
Target gifts to the cause most important to you: arts, AIDS services, urban education, neighborhood revitalization, youth, animal welfare, and more. The Minneapolis Foundation awards grants to community organizations and programs addressing your special interest area.
Legacy Funds - permanent endowments to preserve and support core values of Minnesota donors
Field of Interest funds created by The Minneapolis Foundation to pool endowed resources from multiple donors to award grants to community organizations in the several areas of need.
Designated Funds - helping local organizations sustain and grow
Support the good work of specific nonprofit organizations — a senior center, museum, or any qualifying nonprofit charitable organization—by creating a specially designated fund. The Minneapolis Foundation will invest your gift for long-term growth and issue grants to your favorite nonprofits on a regular basis.
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Learn more
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