How to Help

Planned Gifts

Bequest Language

I give, devise, and bequeath Abilities Network, Inc., a local tax-exempt organization, headquartered at 8503 LaSalle Road, Towson, MD 21286, the sum of $ _____ (or real or personal property herein described), to be used for the general purposes of the organization as its Board of Directors determine.

IRA Charitable Rollover

If you are age 70 ½ or older, new legislation now allows you to make charitable gifts directly from an Individual Retirement Account (IRA). A special two year IRA charitable rollover permits individuals age 70½ and older to make direct transfers of up to $100,000 per year in 2006 and 2007 to charities like Abilities Network.

Example: Suppose Mary has $500,000 in an IRA and will be required to withdraw approximately $25,000 this year, and suppose that she also wants to contribute $20,000 to the Abilities Network. She can authorize the administrator of the IRA to transfer $20,000 to Abilities Network and $5,000 to herself. The $20,000 distributed to CHARITY SHORT NAME will not be subject to tax and will be counted toward her annual minimum distribution.

How do I know if an IRA charitable rollover is right for me?

• You are at least age 70½, AND
• You do not need the additional income generated by the minimum required distribution, OR
• Your charitable gifts already equal 50% of your adjusted gross income, so you do not benefit from an income tax charitable deduction for additional gifts, OR
• You are subject to the 2% rule that reduces your itemized deductions, OR
• You do not itemize deductions.

How do I initiate an IRA charitable rollover?

Contact your IRA administrator. We can provide a sample letter of direction if you would like. Make sure that you also let Abilities Network know when to expect your gift and how you would like it designated.

For more information email sschiano@abilitiesnetwork.org.

As with any decision involving your financial or estate plans, we urge you to seek the advice of professional counsel when considering a gift to Abilities Network.