Life Stage Gift Planner™

Over Age 70

At this stage in life, some of the financial issues you may find yourself dealing with are:

Maintaining financial stability
Anticipating healthcare needs and insurance coverage
Concern about the financial future of younger members of the family

For the charitably inclined, certain types of gifts can provide solutions to taxing problems:

Charitable bequest
If you would like to make a substantial gift for Rush but you do not have the current disposable income or assets to do so now, consider a charitable bequest.

Cash, checks, and credit cards
A gift of cash is easy to make, and the gift is not subject to gift or estate tax. A contribution of cash or by a check that is postmarked in December is deductible for that tax year—even if Rush receives it in January—provided the account against which the check was written had sufficient funds to cover it in December. A contribution by credit card must be made by December 31 in order to be deductible for that tax year.

Charitable gift annuity
In exchange for your gift, Rush will provide payments for life to you or a beneficiary you designate.

Charitable remainder annuity trust
Provides for payment of a fixed-dollar amount—annually or at more frequent intervals—to the designated beneficiary(ies). The amount must equal at least 5% of the initial fair-market value of the trust.

Qualified charitable distribution (QCD) gift
If you are aged 70½ or older and you want to make a current gift, you might consider using a qualified charitable distribution (QCD) from your IRA to make your annual gift to Rush. Subject to meeting the requirements (described here), the amount transferred will not be included in your taxable income, and if you have reached the age of 73, the transfer will count towards your required minimum distribution.

Gifts of retirement plans at death
Retirement-plan benefits left to heirs are often more highly taxed than other assets. Consider giving them to Rush instead to make a meaningful gift and leave other assets to heirs.

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