Make a Splash with Your Legacy: Exploring Charitable Giving and Your IRA
Many of us have a “to-do” list that seems to grow longer by the day. Among the important items to consider is how to protect your legacy and ensure your family’s financial security. One often overlooked strategy involves leveraging your Individual Retirement Account (IRA), to help make a contribution towards your legacy today and support access to ocean-based learning through charitable giving.
Understanding Required Minimum Distributions (RMDs)
If you’re 73 or older, you’re familiar with RMDs—mandatory distributions from your IRA that must be taken by year’s end. While meeting this requirement is essential, it can also present an opportunity to support your favorite charities.
Qualified Charitable Distributions (QCDs): A Win-Win for You and Your Charity
A QCD allows you to transfer up to $100,000 directly from your traditional IRA to a qualified charity like the O’Neill Sea Odyssey. This amount counts towards your RMD and is excluded from your taxable income. It’s a fantastic way to support our mission of ocean education while receiving a tax benefit.
How to Get Started
To make a QCD or discuss creating a legacy gift for the O’Neill Sea Odyssey, please reach out to:
- Tracey Weiss at OSO
- Hilary Bryant with the Community Foundation of Santa Cruz County
We encourage you to consult with a tax advisor to determine if a QCD is right for your financial situation.