Supporter Spotlight
Pyramid Legacy Society members, Mort and Iris November are supporting Cleveland Clinic by using assets earned from their IRA. They established the Debra Ann November Wing at Cleveland Clinic Children's Hospital Center for Autism partly by using their IRA distributions.
"During my lifetime, I will be able to see the impact of this gift made in honor of my daughter, Debra Ann November and that gives me great joy," Mr. November says.
IRA Charitable Giving
Consider using IRAs and other retirement funds such as 401(k), profit sharing, Keogh and 403(b) plans to make charitable gifts. You may save more taxes when gifting these assets than if you gave securities, real estate or cash investments. If these assets are left to heirs, as much as 70% may be lost to taxes.
The funds donated to a charity from an IRA or qualified retirement plan will qualify for an estate-tax deduction and are not subject to income taxes due to charities' tax-exempt status. Using these assets can establish a significant charitable gift while costing relatively little to your heirs.
Simply name Cleveland Clinic as beneficiary of a portion of your IRA or qualified retirement funds. The portion could be a percentage or the entire amount. Following death, the portion of leftover funds will be paid, tax-free and in-full, to Cleveland Clinic.
Planning Tip
Upon death, it may be more beneficial to fulfill your philanthropic goals by using IRAs and qualified retirement funds. It's advisable to give cash, securities and real estate to your heirs.
Contact Us
For a confidential discussion about using IRAs and other retirement funds as a means for making a gift to Cleveland Clinic, please call Institutional Relations and Development at 216.444.1245 and ask to speak with a member of our gift planning team or email giftplanning@ccf.org.
