America’s Reserve Components are a magnificent national resource; our nation depends on their capabilities as never before. Only ROA (DBA: Reserve Organization of America), supported by the STARs Foundation, focuses exclusively and solely on our nation’s Reserve force. Your support of the STARs Foundation will give ROA the resources to support America’s Reservists and members of the Guard, their families, and veterans of the Reserves.
There are opportunities for donors to benefit from tax savings based on their charitable giving. In addition, your gift may qualify for a tax break when you itemize deductions on your federal income tax return.
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CONSIDER THESE GIFT OPTIONS:
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IRA / 401k
If you are 70½ or older, you can give any amount up to $100,000 per year from your IRA directly to ROA. You will not pay income taxes on the transfer. If you are required to take minimum distributions, you can use this transfer to satisfy your obligation.
To do: We must receive your gift by Dec. 31. If you have check-writing features on your IRA, your check must clear your account by Dec. 31 to count toward your required minimum distribution for the calendar year. CLICK HERE for the details your plan administrator will require for a Qualified Charitable Distribution from an IRA/401k.
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Appreciated Stock
Avoid paying taxes on the appreciated value and qualify for an income tax charitable deduction based on today’s market value when you itemize.
To do: Complete the transfer by Dec. 31. CLICK HERE for the necessary details.
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Year-End Donations
If you mail a check, it must be dated and postmarked by the U.S. Postal Service on or before December 31, 2022, to qualify for a tax deduction this year. If you use a credit card, the gift is considered to be made on the date of the charge, regardless of when you pay your credit card bill.
To do: If you would like to make a gift before the end of the year CLICK HERE.
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Additional Year-End Action Items:
- Will or living trust – Review your will or trust for any life changes such as birth, death, marriage, or a move to a different state.
- Durable powers of attorney – Make sure these documents for financial matters and for healthcare are current. A copy of your financial power of attorney should be given to your family members; while a copy of your healthcare power of attorney should be provided to both family members and healthcare providers.
- Retirement plan beneficiaries – Review and remove any beneficiary on your life insurance or retirement plan who is deceased or is a former spouse. Consider adding a nonprofit such as ROA.
- Life insurance policy – If you have a policy that is no longer a significant piece of your estate plan, consider making a gift by assigning ownership to ROA or making us the beneficiary.
Bank or brokerage accounts – Name designated heirs or ROA as a recipient of bank or brokerage account proceeds at your death.* - Charitable contributions – If you have included a gift to ROA in your estate plan, review the details of your gift and let us and your loved ones know of your intentions. This will guarantee your wishes are carried out after your lifetime.
- Safe deposit box – Catalog the contents of your safe-deposit box. Give a written copy to a trusted family member and note any items you are holding for someone else.
- Digital estate – Your online accounts’ usernames and up-to-date passwords, along with your smartphone and tablet passcodes, home security code, and similar data should either be recorded in password-management software or on paper in a fireproof lockbox. Tell someone you trust how to access these.*State laws govern payable-on-death accounts and transfer-on-death accounts. Please consult with your bank representative or investment advisor if you are considering these gifts.
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WE ARE HERE TO HELP . . .
We are happy to help ensure you get the most benefit. Please contact Brad Carlson at (800) 809-9448 or plannedgiving@beta.roastars.org.
Thank you for supporting ROA and ROA STARs Foundation. You are a true patriot!
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