GIFTS FROM RETIREMENT PLANS DURING LIFE

By William M. Trust Jr., Jawonio Inc Board Member

Jerry with Toddler

I have been involved with Jawonio for more than 40 years, first as a volunteer in the early days and following that, joined the Jawonio Foundation Board. Currently, I am a member of the Jawonio corporate board.
This year, the NY direct contribution from 401K amd IRA plans can be a significant vehicle for the individual and to Jawonio, which is in the midst of completing a new $18 million dollar building project.

A direct contribution whether part of a “Required Minimum Distribution” (RMD) or not makes sense for anyone older than 70 ½. A direct contribution from a plan avoids federal income tax and counts against an RMD requirement while helping Jawonio build a future and change lives for people with special needs for decades to come.

Your gift will be working for those who need it the most! Upon reading about why an RMD is the way to go for your charitable contributions-- I would ask you to call the Jawonio Development Office for a tour and find out more about planned giving opportunities for Jawonio.  You can reach Diana Hess by phone at: 845-708-2022 or via email at: diana.hess@jawonio.org

Margo & Allan Bohlin

"The one thing I learned this year was being a silent giver does NOT help raise awareness.  I think by raising awareness, it gives us the ability to raise money for our favorite non-profits." Margo Bohlin

Margo is pictured at left with husband Allan.

Optimizing Charitable Giving under the new Tax Law

Taxpayers who routinely make annual donations to charity face a new hurdle: They may no longer be able to deduct their gifts.  Read more about how you can optimize your end of the year giving to Jawonio and your other favorite charities, in this article by Charles Schwab.

Schwab thumnail for Bill Trust Article

Interview with Bill Trust

We are here with Bill Trust, who has been involved with the Jawonio Foundation and its Board of Directors for many years.  He currently serves on the Jawonio Inc Board of Directors. Bill wants to share important information about how friends of Jawonio who are age 70 ½ and older, can make a significant and an impactful gift using their retirement plans.  Making a gift like this can be a relatively simple process and make a huge difference for an organization that provides such vital services to children and adults with special needs.

Diana: “Hello Bill.  Thank you so much for joining us to share information about Gifts from Retirement Plans.  Please tell us about why this is an important giving strategy for donors.”

Bill:  “Income taxes on contributions to and appreciation on assets in a retirement plan are tax deferred but not avoided completely.  That means that as these assets are withdrawn during retirement, they are subject to federal income tax.  This is very important for individuals at retirement age to understand.”

Bill Trust pic cropped

Diana: “We know that a gift to the Jawonio Foundation will support our mission. How can making a gift from a retirement plan help the donor?”

Bill: “Withdrawing funds from your retirement plan and making a gift of some or all of those funds directly to support the Jawonio Foundation will create two tax events: 1) the withdrawn funds contributed will not be subject to federal income tax and can be counted against a RMB requirement but 2) the amount contributed can not be counted as a charitable deduction when preparing your personal tax return.  The end result is, if the entire amount is contributed, it’s a wash for federal income tax purposes.”

Diana: “Is that true across the board, for every donor?”

Bill: “It is only for those persons aged 70 ½ or older, they are better advised to take advantage of the special opportunity described below.”

Special Opportunity for Donors Aged 70 ½ and older:

A direct transfer from your IRA to the Jawonio Foundation can be excluded from your gross income, but no income tax deduction is allowed for the transfer.  In order to qualify for this benefit:

  • You MUST be 70 ½ years old, or older
  • The transfer must go directly from the IRA to the Jawonio Foundation
  • Your total IRA gift(s) cannot exceed $100,000 per year.
  • Your gift must be outright

Note that withdrawals by those 59 ½ years old or younger will be subject to early-withdrawal penalty unless the donor falls within certain exceptions. Working with your financial and tax adviser is always advisable to assure compliance with the Federal requirements.

Diana: Thank you Bill, for sharing this information with our donors.

About Bill Trust 

Bill is a Certified Public Accountant and had a consulting practice called Innovation Management Consulting which provided consulting services for non-profit entities.  Bill has a long career in business and finance, having held positions as President, CEO and CFO in privately held companies. He has extensive international experience having been the Executive Director of an international architectural firm and the Executive VP of an international transportation holding company.  His experience also includes the Controllership of a NYSE listed company and the Chief Accounting Officer of an investment banking firm.  He was a director of Presidential Life Insurance Company and served as Non-Executive Chairman of the Company.  Bill is very active in business and community organizations having served on numerous boards including past Chairman of the Board of Trustees of Nyack Hospital, where he is still a member, New York - Presbyterian Health Care Systems, Inc., past President of the New York City Chapter of the Financial Executives International and a Northeast Area Director.  He has been the FEI representative on the AICPA Private Company Task Force on Enhanced Business Reporting.  He is also a past president of the New City Jaycees.

For more information about Planned Giving Opportunities with Jawonio please contact:

Diana Hess, Chief Development Officer

Phone: 845-708-2022 Email: diana.hess@jawonio.org


You can also view planned giving opportunities on our website by clicking here:

Stay in touch with Jawonio on Social Media!

About us

We provide care for thousands of children and adults with special needs each year.

Our mission

Jawonio is a registered 501c3 organization and the premier provider of lifespan services in the Hudson Valley of New York State for individuals with developmental disabilities, behavioral health challenges, and chronic medical conditions. 

Jawonio is dedicated to advancing the independence, well-being, and equality of people with disabilities and special needs.