The Art Center of the Bluegrass is an asset to the entire Southern Bluegrass Region, with programs benefiting thousands of individuals each year. If you would like to discuss gift-giving opportunities to make a lasting impact, please contact Kate Snyder at 859.236.4054 or email@example.com.
Including the Art Center of the Bluegrass in your estate plans is an easy way to make a big impact. You should talk to your attorney to be sure you have the language correct, but here is the basic statement you will want to include in your will.
“I hereby give, devise and bequeath _____ and No/100 dollars ($DOLLARS) to Art Center of the Bluegrass, a nonprofit organization located at 401 W. Main Street, Danville, KY 40422 Federal Tax ID #16-1674338, for the organization’s general use and purpose.”
You can also choose to bequeath a percentage of your estate, or to make the Art Center a contingent or residual beneficiary. Talk with your attorney about your options!
Did you know…if you are at least 70-and-a-half years old, you can make a gift from your IRA now? Using your qualified charitable distribution (QCD) is the only way to take money from your IRA without paying income tax on the withdrawals.
You can instruct your IRA administrator (Fidelity Investments, Vanguard Group, Charles Schwab, for example) to directly transfer (rollover) money from your IRA to the Art Center of the Bluegrass; the administrator will mail a check to the Art Center. The Art Center of the Bluegrass is a nonprofit 501c3 organization and our federal tax ID is 16-1674338.
Here are a few things to keep in mind:
– You must be at least 70½ years old at the time of the transfer.
– You will NOT pay income tax on the amount rolled over to the Art Center.
– The maximum amount per year is $100,000, but you can select any gift amount you like.
– You won’t claim a charitable gift tax deduction since you are excluding the rollover amount from gross income.
– With an IRA, you must start taking required minimum distributions (RMDs) at age 72 or older. This also applies to 401(k)s and other qualified retirement plans. However, you are still eligible to make a QCD beginning at 70½.
The Art Center of the Bluegrass is a nonprofit 501c3 organization and our federal tax ID is 16-1674338.