Versatile IRA Option
If you are 70-1/2 or older, you have a special option for charitable giving -- donating Individual Retirement Account assets directly to charity. You can transfer any amount up to $100,000 a year without it counting as taxable income.
At the Hampton Roads Community Foundation your IRA transfer lets you start or add to a permanent charitable fund. Choose from designated, field of interest, scholarship or unrestricted funds. (Note: For now, the Internal Revenue Service does not allow transfers to donor-advised funds.)
Another option, is to consider making the community foundation a beneficiary of your IRA as part of your estate plans.
For instructions on transferring IRA assets click here or contact Kay Stine, vice president for development, or Lynn Watson Neumann, director or gift planning at (757) 622-7951.