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Ideas for Giving and Moving Forward

Doctors

While Health Care Foundation for Ventura County continues to move forward with its important work, we realize you may still have unfinished business or questions when it comes to your will or estate plan and the benefits of philanthropic giving. We are happy to provide timely updates to help you move forward as well on your gift planning journey!

1. IRAs Required Minimum Distribution For 2023

OCTOBER 2022 UPDATE - Lawmakers in Washington are considering two separate bills that could make substantial changes to how Americans save for and are taxed in retirement. One of the major areas of focus in these bills is reforming RMDs (required minimum distributions) on retirement accounts. The SECURE Act 2.0 and the EARN Act, if enacted into law, may change the age at which you must make required minimum distributions from your IRA in 2023 and later. They may also create other changes related to retirement planning.

2. IRAs Charitable Rollover Gifts Still Allowed In 2022

2022 UPDATE - For 2022, the law remains that IRA owners age 70 and older can make a charitable rollover gift of up to $100,000 from their IRA to public charities. This charitable IRA rollover will count toward their RMDs.

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3. 2020 IRA Stretch Distribution Reduction

2022 UPDATE - The SECURE Act became effective on January 1, 2020. One of the important aspects of the SECURE Act to discuss with your financial advisor is the Stretch Distribution Reduction. If you planned to benefit your children with your IRA, your heirs will now likely pay higher taxes on the inheritance they receive from you as a result of the SECURE Act. When you revisit your estate plan, consider funding a testamentary charitable remainder unitrust with your IRA balance. This plan can provide lifetime payments to your heirs, spread out the taxes on their inheritance and provide a future gift to Health Care Foundation for Ventura County or other charity close to your heart.

Contact your financial advisor to learn more about the changes included as part of the SECURE Act and how those changes might affect you.

4. CAREs Act Charitable Benefits Not Extended For 2022

2022 UPDATE - The CARES Act charitable income tax benefits that applied to contributions made in 2020 and 2021 have not been extended for a third year.

  • There is no above-the-line charitable deduction for filers not itemizing and making a qualified cash contribution to charity. But those age 70 + can still make a gift through their IRA, reducing their taxable income.)
  • The charitable contribution deduction limit for a gift of cash to a public charity is now back to 60 percent of one's adjusted gross income as the 100 percent limit expired as of December 31, 2021.
  • The required minimum distribution from most retirement plans has been back since 2021.

5. Charitable Bequests

You may be looking for a way to make a significant gift to help further our mission. A bequest is a gift made through your will or trust. It is one of the most popular and flexible ways that you can support Health Care Foundation for Ventura County while not impacting your available cash today.

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6. Donor Advised Funds

If you have a Donor Advised Fund (DAF) and wish to help Health Care Foundation for Ventura County this year, you can make a gift from your DAF to support our work without affecting your personal financial security.

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7. Charitable Gift Annuities

If you are concerned about your financial security given the ups and downs of the stock market, you may want to consider making a gift to fund a charitable gift annuity. You might be surprised by the benefits. You can exchange your low-performing stock, CDs or cash for guaranteed lifetime fixed payments. If you make a gift of an appreciated asset, you will not have to pay capital gains when you fund the annuity. You may also benefit from a tax deduction this year and a portion of your payments could be tax-free.

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