You can name Mary’s Pence as a beneficiary of your will by replacing or amending your current will. There are many options including leaving a specific amount or percentage, leaving all or a portion of what remains after expenses and other bequests, and designating your bequest as a tribute to a loved one. Those who wish to be publicly recognized will be honored in the Mary’s Pence Legacy Circle. We honor all requests to remain anonymous.
“Putting Mary’s Pence first on the list of my last will and testament was just the best thing I ever did in my life! It makes me feel so good. I hope after I’m gone someone will find a good way to use what I leave behind and it will help women’s work and make women’s lives better throughout the world. I’m so happy that I could do this!”
– Genevieve O’Hara, 1932-2017
Beneficiary of your Retirement Plan
Mary’s Pence can be named as a beneficiary of pensions, IRA, or other retirement plans. No estate or income tax will be payable if retirement benefits are paid to Mary’s Pence. In many cases, no lawyer is needed – just list Mary’s Pence as the main or contingent beneficiary of your plan.
Beneficiary of your Life Insurance Policy
A gift of a life insurance policy is a way to benefit Mary’s Pence without reducing your income or savings. Many people buy life insurance to provide for their children and spouse, but once children are grown many people find they no longer have need of their policy. In donating your policy to Mary’s Pence you may receive a tax deduction. You may also decide to keep the policy, but name Mary’s Pence as the main or contingent beneficiary.
If you are considering selling off long-term appreciated stock in order to make a donation, you may want to consider transferring the stock to Mary’s Pence instead. By transferring stock, you may be able to avoid tax on the gain. Contact us for full information needed to make a stock transfer.
IRA Charitable Rollover
The IRS mandates that people who are 72-years-old take a required minimum IRA distribution. (Note: This mandate was modified by the CARES Act in response to COVID-19. The CARES Act allows account owners to skip both their 2019 required minimum distribution if it was their first year and had not yet made the distribution by April 1, 2020, and their 2020 required minimum distribution.) This distribution is included as part of your taxable income. The IRA charitable rollover can be a great way for you to satisfy your required minimum distribution, support Mary’s Pence and take advantage of potential tax savings. As you plan for the year, please consider making a gift to Mary’s Pence through an IRA charitable rollover.
How it works:
- When you turn 72 years of age, the IRS requires a mandatory withdrawal from retirement accounts (effective for people who turn 70½ on January 1, 2020, or after). However, anyone who is 70½ years of age or older can still withdraw and qualify.
- You may distribute up to $100,000 tax-free each calendar year (Jan. 1 – Dec. 31) to Mary’s Pence or another charity of your choice.
- Your IRA administrator must make the distribution directly to Mary’s Pence.
Benefits to you:
- Transfer tax-free gifts of up to $100,000 from your IRA directly to Mary’s Pence. Please note that you will not be entitled to a charitable deduction for the distribution.
- This transfer will satisfy your annual required minimum distribution.
- This type of gift is beneficial to individuals who do not itemize deductions on their federal income taxes because the required minimum distribution will not be counted toward your income.
- This type of gift is also beneficial to individuals who give large amounts to charity. Through the IRA Charitable Rollover, the donated funds are not subject to annual charitable deduction limitations (generally 50% of adjusted gross income) on federal income taxes. For more about those limitations please visit the IRS website.
- Each state has different tax laws. Please consult your IRA administrator to understand how this may affect your state taxes.
Make a gift
To make an IRA Charitable Rollover gift to Mary’s Pence, please contact your IRA administrator. Here is a sample IRA letter you can send your administrator to initiate a rollover. Please also contact us at 651-788-9869 or email@example.com when you direct the rollover so we can ensure proper acknowledgement. We recommend that you speak with your tax advisor to discuss your particular situation and how the IRA charitable rollover could benefit you.