Planned Giving with Individual Retirement Accounts

The time and effort you spent to plan and ensure a comfortable retirement have paid off. You may have concluded that there are advantages to using some of the more taxable assets in your retirement portfolio for philanthropic purposes. A thoughtful contribution from an Individual Retirement Account (IRA) may lessen the burden while helping Winthrop advance health care for the entire community.

Distributions of assets from an IRA are generally taxable as ordinary income to the beneficiary and to descendants, as well as included in the beneficiary's estate, often reducing the original balance. As a registered not-for-profit, any portion of an IRA going to the Hospital is excluded from the donor's estate. Because Winthrop is exempt from income tax liabilities, if named as a beneficiary, the Hospital would receive 100% of the specified funds, and your heirs would derive greater benefit from other assets not subject to double taxation.

Consult with your tax advisor regarding the tax advantages of a gift from your IRA and then request the appropriate change of beneficiary information from the institution that is custodian of your account. You may name Winthrop as sole beneficiary or specify a percentage of the IRA to be transferred. No funds are transferred during your lifetime and you retain full use of the money in your IRA, in accordance with distribution rules or other regulations.

Making a gift from an IRA or with a bequest in your will is an impactful way to support the future of Winthrop and the health of our community. We would be pleased to provide information about including Winthrop in your will or estate plan. For additional information, please check off the appropriate line on the enclosed response envelope and return it with your contact information, or call Barry Cosel-Pieper CFRE, Director of Development, at (516) 663-3398.