Charitable treasure buried within legislation

Individuals age 70 1/2 or older can make tax-free distributions from individual retirement accounts directly to qualified public charities | November 1, 2006

On Aug. 17, President Bush signed into law the Pension Protection Act of 2006. One provision buried in this massive law allows individuals age 70 1/2 or older to make tax-free distributions from their individual retirement accounts (IRAs) directly to qualified public charities, including Xavier University. This provision is only in force from now through Dec. 31, 2007, and these special charitable distributions are limited to $100,000 per year for each individual.

This new legislation allows you to make lifetime gifts from your IRA to Xavier without claiming it as taxable income or using it as a charitable tax deduction—effectively making it tax-neutral. Plus, these gifts count toward minimum required distributions.

The office of estate and planned giving encourages you to consult with your professional financial advisor before making this or any significant charitable contribution.

For more information on how you can take advantage of this opportunity, call 513 745-3409 or toll free at 800 344-4698, ext. 3409.