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Penn Medicine Office of Planned Giving

Gift of Retirement Plan
or IRA Rollover

Now, you can make a charitable gift to Penn Medicine from qualified retirement assets in one of two ways: after your lifetime, by naming Penn Medicine as the beneficiary of your retirement plan, or during your lifetime with an IRA rollover.

Gift of Retirement Plan

(After Your Lifetime)

How It Works

In this traditional gift of retirement plan assets, you name Penn Medicine as the beneficiary of your IRA, 401(k), 403(b) or other qualified plan.

After your lifetime, the balance in your plan passes to Penn Medicine tax-free.

Benefits

  • You can escape both income and estate tax levied on your retirement account by leaving it to Penn Medicine.

  • You can give the most-taxed asset in your estate to Penn Medicine and leave more favorably taxed property to your heirs.

  • You can continue to take withdrawals during your lifetime.

  • You can change the beneficiary if your circumstances change.

Gift of IRA Rollover

(Not available after December 31, 2009. Please check back for updates on pending legislation that will make this a permanent giving option.)

How It Works

The passage of the Emergency Economic Stabilization Act of 2008, makes it possible to move money from your IRA directly to charity, without having to recognize it as income, but also without an income tax deduction. Only individuals aged 70½ at the time of the contribution qualify for this option.

You request a distribution of up to $100,000 from your IRA plan administrator, directly to Penn Medicine. See sample letter.

You direct how Penn Medicine uses your contribution.

E-mail us and we will explain this new incentive for charitable giving in detail.

Benefits

  • You can use an overlooked, "frozen" asset to make a gift to Penn Medicine.

  • You never recognize the distribution as income.

  • The distribution counts towards your minimum required distribution for the year.

Reminders

  • You must be at least 70½ years of age at the time of the contribution.

  • You may only transfer $100,000 per year.

  • Funds must come from an IRA.

  • Distributions cannot go to donor-advised funds.

  • State income tax may be due on the distribution.

For More Information

E-mail or call us at 215-898-9486, or complete the Request Information form. We will happily assist you through every step of the process.

Penn Medicine
Office of Planned Giving
Christine S. Ewan, J.D.
Senior Director, Planned Giving
3535 Market Street, Suite 750
Philadelphia, PA 19104-3309
215-898-9486 | Fax: 215-573-2186
E-mail: cewan@upenn.edu

 

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