You can create a legacy by naming Planned Parenthood as beneficiary or contingent beneficiary of an IRA, 401(k), 403(b), Keogh account, or other retirement plan. For high net worth individuals, assets in these accounts may be taxed twice if they are part of your estate, resulting in asset depletion. When a retirement account is left to a charity, the organization does not pay the income tax otherwise due if left to a family memberor friend. To make such a gift, complete a change of beneficiary form with your plan advisor. There should be no fees involved, and it does not require any work on the part of an accountant or attorney.
Dr. Sarah Collins was professor of language and literature for almost 30 years at the Rochester Institute of Technology. She is an active supporter of opera and a wide range of other cultural activities. Dr. Collins also shares a deep commitment to Planned Parenthood. A long-time supporter of PPRSR, Dr. Collins wanted to make a special gift to the agency. On the advice of her attorney, Dr. Collins designated a portion of her Individual Retirement Account (IRA) to PPRSR.
If you are interested in designating your retirement fund or other planned giving options such as life insurance policies and bank/brokerage accounts, or if you need help obtaining a change of beneficiary form, please contact us.
If you are married, changing beneficiaries may require the permission of your spouse. There may also be additional tax and financial planning issues, so when considering these assets in your plans, consult your legal or financial advisor.
SPECIAL LEGISLATION FOR IRA TRANSFERS IF YOU ARE 70½ OR OLDER
Legislation expires in December 31, 2011
If you are 70½ or older, recent legislation benefits you - you can make outright gifts to qualified charitable organizations by making direct transfers from your individual retirement accounts (IRAs)- without paying taxes on your distributions. Your gifts can be accomplished simply and will maximize the benefit of your IRA dollars. The charitable distribution may count toward your minimum required distribution.
The transfer generates neither taxable income nor a tax deduction so you can receive the benefit even if you do not itemize your tax deductions. For more information, please contact us.
It's easy to transfer funds directly from your IRA account to PPRSR.
- Use this sample letter to your IRA custodian to initiate the transaction, or
- Contact your IRA custodian for the forms necessary to transfer your desired gift amount*, or
- You can contact us
*You may be asked for the following information:
Planned Parenthood of the Rochester/Syracuse Region, Inc
114 University Avenue, Rochester, NY 14605
Employer Identification Number (EIN)
NOTHING ON THIS WEBSITE SHOULD BE CONSTRUED AS PROVIDING SPECIFIC FINANCIAL, INVESTMENT, INSURANCE, BUSINESS, TAX, OR LEGAL ADVICE. IT MERELY PROVIDES GENERAL INFORMATION OBTAINED FROM PUBLIC SOURCES BELIEVED TO BE RELIABLE. YOU SHOULD CONSULT YOUR OWN FINANCIAL PLANNER, INSURANCE REPRESENTATIVE, ACCOUNTANT, TAX ADVISOR, OR LEGAL COUNSEL PRIOR TO MAKING ANY CHANGES TO YOUR ESTATE PLANS. THEY CAN BEST ADVISE YOU ON THE MOST ADVANTAGEOUS WAY OF SUPPORTING THE MISSION OF PLANNED PARENTHOOD OF THE ROCHESTER/SYRACUSE REGION.