Gifts From an IRA

For those over the age of 59 ½, your IRA could help you make a charitable gift.

Many Individual Retirement Accounts have experienced exceptional growth over time. For many people, this investment could have grown to the point where it is more than adequate to meet projected income needs. Such an IRA could be thought of as a "new" account from which a person can make a charitable gift in support of historic preservation.

If you are over age 59 ½, a designated amount can be withdrawn from your IRA and donated as an outright gift to the FLICKERS: Rhode Island International Film Festival. The tax effect would be neutral as such a withdrawal would not be counted as taxable income, so there would be no deduction. Such donations are not considered by the custodian as an early withdrawal. Please contact your plan administrator about how to make a charitable gift from your IRA.

As always, we recommend you consult with your tax advisor as certain deduction limits would apply.

The growing popularity of qualified retirement plans such as IRAs, 401(k)s and 403(b)s has led to an increase in assets accumulating in these accounts. Many individuals may not realize the potential tax liabilities for heirs named as retirement plan beneficiaries. The combined estate and income taxes on inherited retirement plan assets could amount to 70 percent of their value. Proper estate planning will avoid this potential tax liability as well as provide a substantial gift to the FLICKERS: Rhode Island International Film Festival.

For questions about planned giving, please contact:

George T. Marshall Executive Director

FLICKERS: RHODE ISLAND INTERNATIONAL FILM FESTIVAL

83 Park Street, Suite 1

Providence, RI 02903

Tel: 401/861-4445; Fax: 401/490-6735

e-mail: