A gift to Catholic Charities USA through your estate ensures that your commitment to providing help and creating hope for those in need will continue beyond your lifetime.
To learn more, please contact Beth Suarez, esuarez@catholiccharitiesusa.org, or 703.236.6248.
Distributing Your IRA – IRA Charitable Rollover
* The Senate Finance Committee approved a version of the tax extenders bill that would retroactively reinstate the Charitable IRA Rollover provision to the beginning of 2012 and extend it through 2014. Further action is required by the full House and Senate on this legislation.*
The IRA Rollover was first enacted in 2006 as part of the Pension Protection Act. The Act allows individuals aged 70 ½ or older to donate up to $100,000 from their Individual Retirement Account to public charities without having to count the distributions as taxable.
To qualify:
- The donor must be age 70 ½ or older;
- The distribution must be made directly from the donor’s IRA to a qualified public charity (your IRA plan administrator will send you a form for this transfer); and
- The distributions may not exceed $100,000 per year.
The plan administrator should send the distribution to:
Catholic Charities USA
P.O. Box 17066
Baltimore, MD 21297-1066
Tax ID # 53-0196620
Giving Catholic Charities USA an Insurance Gift
Naming CCUSA as the beneficiary of your life insurance policy will allow your estate a charitable estate tax deduction for the proceeds of the policy. Ask your insurance agent for a beneficiary designation form that will allow you to name CCUSA as the beneficiary of all or a portion of the insurance policy proceeds.
- 100%: Name Catholic Charities USA, Tax ID # 53-0196620, currently located at 2050 Ballenger Avenue, Suite 400, Alexandria, VA 22314 as the beneficiary of 100% (one hundred percent) of the proceeds of the policy.
- Fractional Interest/Less than 100%: Name Catholic Charities USA, Tax ID # 53-0196620, currently located at 2050 Ballenger Avenue, Suite 400, Alexandria, VA 22314 as the beneficiary of ______ % (percentage spelled out) of the proceeds of the policy.
Naming Catholic Charities USA as a Beneficiary of Your IRA or Retirement Plan
Qualified retirement plans (such as 401(k), 403(b), SEP or KEOUGH) accumulate tax free during your lifetime. At your death, however, those proceeds are subject to tax. 100% of the account balance is included in the taxable estate of the decedent. Any beneficiary who receives a distribution from an IRA, 401(k), 403(b), SEP, or KEOUGH at the death of the owner is responsible for the income tax on all distributions for which income tax has not been paid. However, when public charities such as CCUSA are the beneficiary, the amounts transferred qualify as a charitable deduction for estate tax purposes and avoid income taxes because public charities do not pay income tax.
- 100%: Name Catholic Charities USA, Tax ID # 53-0196620, currently located at 2050 Ballenger Avenue, Suite 400, Alexandria, VA 22314 as the beneficiary of 100% (one hundred percent) of the proceeds of the IRA or retirement plan.
- Fractional Interest/Less than 100%: Name Catholic Charities USA, Tax ID # 53-0196620, currently located at 2050 Ballenger Avenue, Suite 400, Alexandria, VA 22314 as the beneficiary of _____ % (percentage spelled out) of the proceeds of the IRA or retirement plan. If using an IRA, talk to your advisor about whether you should create a separate IRA for the charitable portion.
Naming Catholic Charities USA in Your Will
A bequest to CCUSA through your will is a powerful statement of your lasting commitment to our work to provide help and create hope for those in need. To make an estate gift, work with your attorney to draft a statement in your will that conveys your desire to:
- Give the entire residue of your estate: I give the rest, residue, and remainder of my estate, after the payment of all expenses, taxes and debts, to Catholic Charities USA, currently located at 2050 Ballenger Avenue, Suite 400, Alexandria, VA 22314.
- Give a fraction of your estate: I give Catholic Charities USA _____% (fraction spelled out) of the rest, residue, and remainder of my estate, after payment of all specified bequests, expenses, taxes, and debts, to Catholic Charities USA, currently located at 2050 Ballenger Avenue, Suite 400, Alexandria, VA 22314.
- Give a specific amount: I give $ _____ (number spelled out) to Catholic Charities USA, currently located at 2050 Ballenger Avenue, Suite 400, Alexandria, VA 22314.
- Give a contingent amount: If none of the persons I have identified above as beneficiaries of my estate survive me, I give the rest, residue, and remainder to Catholic Charities USA, currently located at 2050 Ballenger Avenue, Suite 400, Alexandria, VA 22314.
