It’s that time of year again when we are asked to make our stewardship pledges for 2022. For those members that have IRA accounts that must take an annual taxable distribution, I have a good suggestion for you. You can make a Qualified Charitable Distribution directly from your IRA to St Luke’s and avoid paying any taxes on that amount. You can not receive the money directly and then give it to St Luke’s or it will be taxable. Talk to you advisor that holds your IRA account and they will be able to send it directly to St Luke’s with your approval.
Likewise, if your inclined to leave money to St Luke’s upon your death, this is a good way to accomplish it. You can designate St Luke’s as a beneficiary to receive a percentage of any amount left in you IRA. Your heirs will not have to pay any taxes on that amount.
For those members that don’t have IRA accounts, I have a suggestion for you as well. If you are fortunate enough to have a stock portfolio, you should gift your most profitable stocks and avoid paying taxes on any gains. I have done this for several years and have found it to be an excellent way to give to St Luke’s and not the government. If any of you have any questions about what I have suggested please feel free to call me at 612-251-8800.