MSOE’s Director of Planned Giving, Scott Weaver J.D., discussed this scenario with Milwaukee-area attorney Bradley Kalscheur, who is a partner in the Wealth Planning Services Practice Group at Michael Best & Friedrich. Here’s what he says to his clients who ask the same question:
“If you are over 70 ½ and have an individual retirement account (IRA), you must take minimum required distributions (MRD) from the IRA each year, whether you need the money or not.
If you are charitably inclined, have not taken your MRD for 2011, and do not need the distribution to meet other financial obligations, consider making a donation of your MRD directly from your IRA to a public charity (which includes MSOE).
This direct transfer must be completed before December 31, and has a limit of $100,000. Contact your IRA Trustee to arrange this type of distribution, because the funds must be transferred directly from the IRA to the qualifying charity.”
If this type of opportunity interests you, it is a simple decision and easy to implement.
Please call Scott C. Weaver, director of Planned Giving at (414) 277-7148 for further information or to answer any questions.