With the new Secure 2.0 Act, effective January 2023, you can create a once-in-a-lifetime rollover from your IRA to a Charitable Gift Annuity at the Catholic Foundation of Eastern Montana.
Donors who are age 70 1⁄2 or older and who own IRAs may now receive a lifetime of payments in return for a contribution to their favorite endowment at the Catholic Foundation of Eastern Montana.
This gift plan combines a Charitable Gift Annuity (CGA) with a Qualified Charitable Distribution (QCD) from your IRA. By creating a CGA through a QCD, you accomplish much good for you and the Catholic Church:
1. You create an annual income source for yourself (and up to one other person) while at the same time you build the endowment of your choice that benefits your favorite part of the Church.
2. You redirect your QCD (a one-time gift up to $50,000) to the Catholic Foundation of Eastern Montana to fund a CGA. While you won’t receive an income tax deduction for this contribution, this QCD won’t count toward your taxable income, either.
CGA rates are some of the highest they’ve been in years! If you are interested in taking advantage of this new law to your benefit, please contact Judy Held, Foundation President, at 406-315-1765 or judy@catholicfoundationmt.org.
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