AA recently signed law has opened the door for loyal supporters of Auburn University to use an Individual Retirement Account (IRA) to make a unique gift that not only supports the university, but also pays them an income.
Just think – you can satisfy your IRA’s required minimum distribution (RMD), make a meaningful gift to a program or cause you care about, and get money in return. This is one of the smartest ways for those 70 ½ or older to support Auburn.
Individuals can use their IRAs to create an annuity of up to $50,000, while couples may combine their distribution amounts to create a two-life annuity up to $100,000.
This gift type is especially attractive for people who do not itemize their charitable deductions and plan to use the entire gift toward fulfilling their RMD. For others, there are other ways that Auburn can help maximize their philanthropic giving with unique financial and tax advantages.
If you are interested in learning more, Auburn University’s team of gift planning specialists can work with you to determine if this opportunity – or potentially other gift types – makes sense for you. We can create an illustration based on your unique situation and show you the potential financial benefits.
Contact us today at (334) 844-7375 or plannedgiving@auburn.edu to see how you can support Auburn while reducing your tax burden.
