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Gift Planning

  • Gift Planning for Young Families
  • Gift Planning for Mid-Career
  • Gift Planning for those approaching retirement
  • Gift Planning for retirees

2 Tax-Wise Options for Your IRA!

Do you have an IRA?  Are you interested in being tax-efficent?  Do you want to make an impact at MU? 

If you answered yes, it's time to start a conversation about a gift from your IRA.  Here are two simple options.

(1) If you are 70 1/2 or older:

Congress reinstated the IRA Charitable rollover law, which allows you to move up to $100,000 from your IRA directly to a qualified institution such as Millersville University without having to pay income taxes on the money.  Your gift will qualify under this law if:

  • You are age 70 1/2 or older at the time of your gift.
  • You transfer up to $100,000 directly from your IRA.  This opportunity applies only to IRAs and not other types of retirement plans.
  • You transfer funds outright to one or more qualified charities.  The legislation does not permit direct transfers to charitable trusts, donor advised funds, charitable gift annuities, or supporting organizations.
  • You make your gift by Dec. 31.
(2) If you are under 70 1/2:

Consider the benefits of naming MU as the beneficiary of your IRA.  Retirement plan assets are subject to substantial income and possible estate taxes when given to any individual other than your spouse after your lifetime.  Organizations such as ours, however, play no taxes on charitable gifts.  Therefore, it can prove beneficial to leave these highly taxes assets to us and other assets that are not as heavily taxed, such as real estate and life insurance, to loved ones.

If you have any questions about using your IRA to make a tax-wise gift to MU, please contact us.  We would be happy to help.


francis schodowski

Learn more about planned giving at Millersville University by calling Francis Schodowski at 717-872-3820 or 877-872-3820 toll-free or send an email to Francis.Schodowski@millersville.edu

Items of Interest

Suggested Reading

  • The Ultimate Gift by Jim Stovall
  • The Wealth of Your Life; a Step-by-Step Guide for Creating Your Ethical Will by Susan B. Turnbull