Need to satisfy your Required Minimum Distribution? Here’s the smart solution.
“Giving from our IRA was one of the smartest ways we could give to the University. It allowed us to give an asset while we were living and could see the benefits to the college and the students.”
– Connor Sutton, ’61 and Ria Sutton, ‘64
– Connor Sutton, ’61 and Ria Sutton, ‘64
Photo: Connor & Ria Sutton with son Matt and daughter-in-law Jeni Sutton
IRA Charitable Rollover
If you are 70 ½ or older and don’t need your IRA funds to support yourself, you might want to consider transferring your required minimum distribution (the minimum amount you must withdraw each year) directly to University of the Pacific.
Why is this a good idea?
A few reasons:
1You pay no income taxes on the gift.
2Doing so could lower your taxes now and for years to come. You get to see the difference you’re making for students in your lifetime and you can transfer up to $100,000 each (per person — for you and a spouse) from an IRA every year.
3It’s easy — all you need to do is contact your IRA custodian to make the request.
Have questions?
Let us know how we can help you by filling in this form. We’ll be in touch to answer your questions!
Or, if you want to talk to someone immediately, please feel free to contact Jonelle Beck, JD ’00, Executive Director of Estate and Gift Planning, directly at 209.946.2294 or at legacy@pacific.edu.