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A new law allows people who are 70 ½ years and older to make a current gift of up to $100,000 from a traditional or Roth IRA. Gifts made this way are not subject to income tax.

At 70 ½ owners of IRAs must begin taking taxable distributions from their plans. (Remember that IRAs were never intended to avoid taxes, only to defer them.) At 70 ½ it is time to pay the piper. Many people will, therefore, find it more advantageous to use their IRAs to make charitable gifts, than to make gifts from other resources.

This opportunity applies only to gifts made during 2006 and 2007. The transfer of the funds must be made directly by your plan administrator.

If you would like to further explore the possibility of supporting Audubon Colorado, please call our office at 303-415-0130. Or call Audubon Vice President, Wayne Mones at 212-979-3033.

Please also consider naming Audubon as a beneficiary of a portion of the amount left in your IRA at the time of your death. Generally, it is better to leave IRA assets to charity and cash and stocks to family.