Life Stage Gift Planner™
Over Age 70
At this stage in life, some of the financial issues you may find yourself dealing with are:
- Maintaining financial stability
- Anticipating healthcare needs and insurance coverage
- Concern about the financial future of younger members of the family
For the charitably inclined, certain types of gifts can provide solutions to taxing problems:
Charitable bequest
If you would like to make a substantial gift for Illinois Tech but you do not have the current disposable income or assets to do so now, consider a charitable bequest.
Charitable gift annuity
In exchange for your gift, Illinois Tech will provide payments for life to you or a beneficiary you designate.
Charitable remainder annuity trust
Provides for payment of a fixed-dollar amount—annually or at more frequent intervals—to the designated beneficiary(ies). The amount must equal at least 5% of the initial fair-market value of the trust.
Qualified charitable distribution (QCD) gift
If you are aged 70½ or older and you want to make a current gift, you might consider using a qualified charitable distribution (QCD) from your IRA to make your annual gift to Illinois Tech. Subject to meeting the requirements (described here), the amount transferred will not be included in your taxable income, and if you have reached the age of 73, the transfer will count towards your required minimum distribution.
Gifts of retirement plans at death
Retirement-plan benefits left to heirs are often more highly taxed than other assets. Consider giving them to Illinois Tech instead to make a meaningful gift and leave other assets to heirs.
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