Other Ways to Give
IRA Qualified Charitable Distributions
IRA owners age 70½ and older have the ability to make charitable gifts directly from their IRAs of up to $100,000. Income tax deductions are not available for IRA "qualified charitable distributions" but donors may save taxes anyway, where gifts take the place of required minimum distributions, which are generally 100% taxable. Note: This gift strategy first became available for the tax year 2006, but has been renewed by Congress annually since then, on a one-year basis. It's important that you coordinate IRA contributions with our office. We will need to provide you and your IRA custodian with important information and ensure that you receive appropriate tax receipts.
Charitable Remainder Trusts
When you establish a charitable remainder trust, you set aside cash, securities, or other property for ultimate distribution to Mercy Home for Boys and Girls. In the meantime, the trust pays income to you or to one or more beneficiaries that you name. You enjoy a charitable deduction, savings on your estate taxes, potential capital gains tax avoidance, and many other advantages.
Certificate of Deposit or IRA
Many people have decided to invest their retirement money in one of these instruments; they provide safety and security. By simply making Mercy Home a beneficiary of a CD or IRA, you maintain control of your hard-earned dollars, and when the time comes that you no longer need this money, it can be used to provide a safe home for a child who desperately needs it.
A "Totten" Trust
One of the simplest kinds of trusts is a "Totten Trust," in which you are the trustee of a savings account, which names Mercy Home a beneficiary. You maintain complete control of the money in this account. Once again, when the time comes that you no longer need this money, it will be used to help our children.
If you would like any further information about how to make one of these types of gifts to the children of Mercy Home, please contact Joe Voss in our Planned Giving office at 1-800-378-8266 or via e-mail at: josvos@mercyhome.org.