Making An IRA Charitable Rollover Gift

The IRA Charitable Rollover allows individuals 70½ and older to transfer up to $100,000 annually from their IRAs to charitable organizations without having to count the distributions as taxable income. For those who qualify, IRA Charitable Rollover gifts can also count toward satisfying the annual required minimum distribution, but can be made even if you have already taken your minimum distribution.

A permanent provision in the law, available each and every year, the IRA Charitable Rollover can play a highly valuable role in one's financial planning.

Here is what you need to know to take advantage of the opportunity:

Eligibility: Individuals age 70½ or older

Amount eligible: Any amount up to $100,000 per year

Method: Direct transfer from an IRA account to the ZMA

How to initiate a transfer: Contact your IRA administrator for instructions and then notify the ZMA

If you have a 401(k), 403(b) or other plan: The plan administrator can create a rollover IRA from which to transfer funds to the ZMA.

Retirement plans are among the most highly taxed assets one can own, subject to income tax in life, estate tax at death, and income tax when left to an individual other than a spouse. Although IRA Charitable Rollover gifts do not qualify for the charitable deduction, they are in effect 100% deductible.

As in all charitable gift decision-making, review with one’s advisor is encouraged.

For more information, please call (740) 452-0741 or contact us online.

Making a Gift of Appreciated Securities

When you make a gift of appreciated securities you help the museum and you may receive a double tax benefit—a charitable deduction and avoidance of capital gains tax. Gifts of securities provide invaluable support for the museum’s mission and programs.

• You may be able to take a tax deduction for the full, fair-market value for stock or other securities that have increased in value (if you have owned them for at least 12 months)

• You pay no capital gains tax on any appreciated assets you contribute

• You have the satisfaction of supporting the ZMA in a way that benefits you as well—and you may even be able to increase the amount of your gift because of its decreased cost to you

Before initiating a gift, please email or call Dan Pitcock at (740) 452-0741 ext. 203 so that we know to expect the securities you are donating and the gift can be properly credited when received. Please include the donor's name, name of securities, number of shares, donor's cost basis, gift designation, and estimated date of transfer.

To initiate a stock transfer, fill out this sample letter to send to your broker. Your broker will then transfer the securities to the ZMA's account.

In accordance with IRS guidelines, the date of your gift will be the date the securities depart your account at your financial institution. For crediting purposes, the value is determined as the average of the high and low listings for the stock on that date.

For more information about donating securities, including how to make a gift of mutual funds or stock or bond certificates, please email Dan Pitcock. We are also available to discuss options for maximizing the impact of your gift, personally and for the ZMA.

Making a Gift of your Retirment Account

Designating the ZMA as the beneficiary of your IRA, 401k, 403b, or other retirement or deferred compensation plan is one of the easiest and most flexible ways to make a bequest to the museum.

Naming the ZMA as a beneficiary of your retirement account(s) does not require changing your will, trust, or any other existing estate plan. You may choose to designate the entirety or a percentage of assets for the museum.

Giving retirement plan assets is also tax-beneficial. Retirement accounts are among the most highly taxed assets in one’s estate, subject to both income and estate tax when left to a person other than one’s spouse. If left to one’s surviving spouse, there is no estate tax; however, income tax is due on any withdrawals from the plan. As a qualified charity, the ZMA receives the full value of the retirement account when designated as the beneficiary. It’s a great way to help ensure a wonderful ZMA experience for future generations, while reducing one’s taxable estate and leaving more of other assets to loved ones.

To make the ZMA the beneficiary of your retirement account(s), simply contact the administrator for your plan and request a change of beneficiary form. Then return the completed form to the plan administrator.

Important Recommendations

• Please provide a copy of your form to the ZMA. Mail this form to the Zanesville Museum of Art, Attention: Planned Giving

• Leave instructions for your executor to ensure the financial institution fulfills your request. Some financial institutions, by policy, do not inform charitable beneficiaries when an account holder passes away, and will need to be contacted directly by the ZMA or your executor

Having your intentions on file with the ZMA, and included in your instructions for your executor, will ensure they are fulfilled.

For more information, please call (740) 452-0741 or email the ZMA.