Legacy Giving

Donating from your unused retirement assets is a simple way to reduce your tax burden or the tax burden of your heirs and support a cause that is important to you at the same time.

There are two ways to give:
1. An IRA Charitable Rollover while you are living
2. Gift of unused retirement assets upon your death.

1. IRA Charitable Rollover

Are you subject to a Required Minimum Distribution from your IRA each year but you don’t really need that income and would rather not have to pay the income tax for it?

An IRA Charitable Rollover to Route 66 IECA may be just the thing for you.

If you are age 70½ or older, you may be interested in reducing the income taxes from your IRA withdrawals each year while helping support of our mission to preserve our Route 66 heritage.

An IRA charitable rollover is a way to achieve both objectives.

Benefits of an IRA charitable rollover

  • Avoid taxes on transfers of up to $100,000 to Route 66 IECA

  • Satisfy your required minimum distribution (RMD) without increasing your taxable income

  • Reduce your taxable income even if you do not itemize deductions

  • Make a gift that is not subject to the deduction limits on charitable gifts

  • Immediately support the preservation efforts of Route 66 IECA

How an IRA charitable rollover gift works

  1. Contact your IRA administrator to make a gift from your IRA to Route 66 IECA - View a sample letter for your IRA administrator (PDF)

  2. Your IRA funds will be directly transferred to us to help us continue our mission

  3. Please note that IRA charitable rollover gifts do not qualify for a charitable deduction

  4. Contact Route 66 IECA to inform us of your IRA charitable rollover gift

Important Information

Gifts from an Individual Retirement Account ("IRA") must be received by Route 66 IECA by December 15th and processed in advance of December 31st. Pursuant to IRS regulations, gifts from an IRA must be withdrawn in the calendar year of which they are made, or the distributions will be counted in the following year.

2. Gifts of Retirement Assets Upon your Death

If you are like most people, you probably will not use all of your retirement assets during your lifetime. You can make a gift of your unused retirement assets to help further our mission. 

Did you know that 60%-70% of your retirement assets may be taxed if you leave them to your heirs at your death? Another option is to leave your heirs assets, such as real estate and stock, and give the retirement assets to Route 66 IECA. As a 501c3 charity, we are not taxed upon receiving an IRA or other retirement plan assets. Donating part or all of your unused retirement assets, such as your IRA, 401(K), 403 (b), pension or other tax-deferred plan, is an excellent way to support the work of Route 66 IECA.

Benefits of gifts of retirement assets

  • Avoid potential estate tax on retirement assets

  • Your heirs would avoid income tax on any retirement assets funded on a pre-tax basis

  • Create a lasting legacy to the mission of Route 66 IECA

Leaving your retirement assets to Route 66 IECA is simple.

Make Route 66 IECA the beneficiary of your account. To leave your retirement assets to Route 66 IECA, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate Route 66 IECA as beneficiary, we will receive the full value of your gift undiminished by estate or income taxes. You will also receive an estate tax deduction for the value of your gift, thus reducing the possibility of "death" taxation after your passing. 

Contact us
Please let us know if you have already included Route 66 IECA as a beneficiary of your retirement assets. We would like to thank you for your gift.

 

This site is informational and educational in nature.
It is not offering professional tax, legal, or accounting advice.
For specific advice about the effect of any planning concept on your tax or financial situation or with your estate, please consult a qualified professional advisor.