For Dick and Linda Marvil, there was no question they would make a gift to support Advocate Good Samaritan Hospital. The couple has been involved with the hospital going back to its inception.
More recently, Dick has gained a greater appreciation of Good Samaritan Hospital—having served on the Governing Council for several years. As Dick put it, “We were there when the hospital got started, and our appreciation of Good Sam has only grown over the years.” To complete their gift, Dick arranged an IRA charitable rollover.
Dick was pleased to learn that the IRA charitable rollover was made a permanent part of the tax code. Taking advantage of an IRA charitable rollover was a tax-savvy way to make a gift to support Good Samaritan Hospital. The charitable rollover allows taxpayers, aged 70 ½ or older, to transfer up to $100,000 annually from their IRAs directly to charity without first having to recognize the distribution as income. One key consideration is that the distribution must come through a direct transfer from the IRA to Advocate Charitable Foundation.
Dick sums up their decision this way: “Once we decided to support the hospital, the question was, ‘What asset should we use?’ The IRA charitable rollover was the most financially advantageous for us. It just made sense.”
For more information, please contact John Holmberg at email@example.com or 630.929.6945.