Planned giving is a way to support the charity you love with a transformational gift that not only help others, they create a legacy. At the end of this article, read about how an estate gift in 2016 by Siegfried Kohl created a new annual tradition in Seattle.
There are two main ways in which individuals may give to nonprofits: IRA gifts and estate plans.
A retirement plan can be a tax-efficient and simple way of including the Northwest Sarcoma Foundation in your estate plan.
Simply name Northwest Sarcoma Foundation a beneficiary on your plan's beneficiary designation form. Neither your estate or and heirs will pay income taxes and possibly estate tax on the distribution of the assets.
The full amount of your retirement account will directly benefit the charity of your choice. To get started, obtain a beneficiary designation form from your IRA plan administrator.
The Stock Market has risen over 200% in the last ten years; so your IRA accounts may have a few extra dollars. There are two simple ways to gift these dollars or stocks.If you are over the age of 70½ can distribute up to $100,000 a year from an IRA to the Northwest Sarcoma Foundation, tax-free. The amount of your gift counts toward your annual Required Minimum Distribution.
Here's How It Works:
- You must be 70½ or older at the time of distribution.
- You may distribute any amount up to $100,000 in a calendar year, as long it is completed by December 31
- Your IRA administrator must make the distribution directly to the NW Sarcoma Foundation Northwest Sarcoma Foundation, or you may write a check payable to NW Sarcoma Foundation from your IRA checkbook.
For a sample letter of instruction to your IRA administrator requesting a distribution to Northwest Sarcoma Foundation, click here.
Leaving A Legacy
In 2016, Siegfried Kohl died after a long battle with sarcoma. “Sig”, as his friends referred to him, was well known in many circles, and was involved in numerous charities over his life. In planning for his death, Sig named the Northwest Sarcoma Foundation as a beneficiary. As a result of this generous gift, the foundation created the Sig Kohl Legacy Award, which has spawned a new tradition of awarding it to someone in sarcoma community who is bound to leave a legacy, just like Sig. To read about the 2017 Sig Kohl Legacy Award winners, click here.
This is how legacies are made, and the planning can start right now! Call anytime to speak to the Director of the Northwest Sarcoma Foundation about a planned gift, and start building your legacy today!
Bob Ortblad, Board Member
Northwest Sarcoma Foundation