FALLBROOK — Legacy Endowment…The Community Foundation has expressed their enthusiasm over the extension provided to seniors wishing to make charitable contributions from their IRAs for credit in the 2008 tax year.
The recent rescue bill passed by the House and signed into law by President Bush included a provision to extend the ability of seniors over 70 ½ to make tax-free charitable donations from their IRAs until 2009.
All 2008 donations will qualify under this extension.
Seniors will have another couple of months to donate to the charity of their choice in North County through Legacy Endowment and garner the tax benefits in 2008.
“With Legacy’s revised ‘donor-advised funds’ minimum guidelines, individuals, organizations and businesses can now start a fund with amounts as little as $2,000,” said Legacy Executive Director Tina Rainey. “That money is then earmarked for the charitable organization or group the donor wishes them to serve into the future.
“Once established, the fund can be added to yearly in any amount. With the extension of the senior’s expanded limit, the next two months is an excellent opportunity for seniors to act and establish such a fund.”
According to the Washington-based Council on Foundations, seniors taking advantage of the charitable-rollover program created two years ago generated more than $130 million in charitable gifts in 2006 and 2007.
Legacy Endowment manages more than $10 million serving North County donors and connecting people who care with causes that matter. Legacy can be reached by calling (760) 728-3304.