Mr. Smith, age 75, has accumulated approximately $2,000,000 in his IRA accounts. He has other sources of wealth and has plans to leave a sizable estate to his heirs and charity. Under this law, Mr. Smith can create a fund at the community foundation to address the causes he cares about most by transferring IRA funds tax free. Mr. Smith can transfer up to $100,000 in 2015. In addition, if Mr. Smith is married, his wife can also make similar gifts from her IRA accounts, impacting the community in ways personal, unique and enduring.
October 22, 2015

Study: Baby Boomers Poised to Give $8 Trillion

From the Chronicle of Philanthropy:

Retirees are expected to donate about $6.6 trillion in cash and $1.4 trillion in volunteer services during the next 20 years as baby boomers retire, according to a report released today.

People give at higher rates after they retire, so extended life spans mean people are in their prime donor years longer than in previous eras, and that is good news for nonprofits smart enough to capture the attention of such donors.

The study… found that baby boomers are 49 percent more likely than their parents’ generation to make an effort to find out how nonprofits use their money before they decide to donate, and 44 percent of them want to direct how their charitable gifts are used, compared with only 15 percent of their parents’ generation.

Click here to continue reading on the Chronicle of Philanthropy website.