By Fiona Divecha
Manager, Philanthropy & Resident Life
The holidays are a time for giving and sharing. Studies done by Harvard University show that giving makes us feel happy and is contagious [Greater Good, 2010]. We all want to help but it can be especially hard this time of year with other priorities. There are many ways to help and give back including volunteering, donating unused goods, sending holiday greetings to the military and so much more. What if I told you that you could also financially support your favorite cause without opening your wallet? Here are a few ways you can do just that before the end of the year.
Consider Including Charities Estate Planning
Planning a donation to your favorite cause from your estate leaves your assets in place and available to you for your needs. Many seniors make New Year’s resolutions to revise their wills and trusts. Now is a good time to look at your current situation, consider the legacy you want to leave and start making plans. There are many ways to do this through your will or trust but one of the easiest ways to plan a legacy gift is through beneficiary designations. Make your favorite charity a beneficiary of retirement accounts, life insurance policies, or even your Riderwood entrance deposit. Riderwood’s Legacy Society celebrates residents who have planned a gift from their estate to the Benevolent Care or Scholarship Fund. For more information, contact Fiona Divecha at 301-572-8396.
Make Charitable Gifts from Your IRA’s Required Minimum Distribution
Ask your IRA administrator to send a portion of your RMD to your charity of choice. The donation needs to be made directly from the IRA to the charity in order for it to be tax-free. This counts towards your required minimum distribution but is not counted in your adjusted gross income. If you would like to make a donation to Riderwood from your RMD, please contact Philanthropy at 301-572-8394 for our tax ID number and correct mailing address.
Sign-up for a Monthly Giving Program for 2018
Most charities now have automated giving programs. This helps you to plan smaller monthly donations to your favorite charity. Once set-up, an automatic donation is charged to either your credit card or bank account. You can get information about each charity’s program on their website. Riderwood also has this program available for the Benevolent Care and Scholarship Funds. Sign-up by completing an authorization form in the Philanthropy office and your donation will be added to your monthly Riderwood bill.