IRA rollover provision signed into law
2006 tax code revisions include a unique opportunity for donors to give back to the communities they love.

For only 2006 and 2007, donors over age 70 1/2 can give all or part of an IRA distribution to a qualified charity without any of the distribution being included in the donor's income. However, this gift will count towards the required minimum distribution for that IRA in that year. Retirement assets are one of the most highly taxed assets to transfer to your heirs, and an excellent asset choice to use for charitable giving.

Important considerations:
• The gift must be transferred directly to the charity. It can not be used to create a gift annuity or remainder trust.
• The maximum exclusion is $100,000 per taxpayer, per year.
• Section 509(a)(3) organizations and donor-advised funds are not qualified charities. Episcopal Retirement Homes is a qualified charity.
• The donor may not take a charitable income tax deduction on these gifts.
• This provision is available in 2006 and 2007.

Stay tuned for information about IRA Rollovers.

The consequences of a charitable gift depend in significant part on each donor's particular circumstance. This general discussion of ways to give does not address every issue, nor does it take into consideration the type of assets you have, your individual tax situation or your estate and gift tax planning objectives. You are most strongly urged to consult your tax and estate planning advisors.