Estate Planning Information

Consultant Paul Hood answers your planned giving questions:

  1. What is a legacy gift? Historically, a legacy gift was one made in a will or trust. However, today, a legacy gift is any gift that takes effect at death. In addition to gifts through wills and trusts, legacy gifts can be made through distributions from an IRA or qualified retirement plan, life insurance, transfer on death of real estate, pay on death bank accounts, and transfer on death securities accounts. A legacy gift is a gift that costs nothing during your lifetime and can be changed in the future, yet it allows you to leave a meaningful, lasting legacy to the Sisters.
  2. How can I make a qualified charitable distribution to the Sisters from my IRA? You first have to be at least 70 ½ to make a qualified charitable distribution (“QCD”) from your IRA. Presently, the law permits direct transfers from an IRA to a public charity of up to $100,000 per year. The QCD must be transferred directly from the IRA custodian to the public charity; you can’t first receive the money and then transfer it to charity. The beauty of the QCD is that while you get no income tax charitable deduction for a QCD, it isn’t income to you, and it counts toward your annual required minimum distribution. There are a number of other technical rules for the QCD, so please don’t hesitate to ask your tax advisor for help if you have any questions. Generally, these types of transfers are easy to direct, as most IRA custodians are familiar with the requirements and have forms for them.
  3. What is the legal name of the Sylvania Franciscans? Sisters of St. Francis of Sylvania, Ohio. The Sisters of St. Francis is a 501(c)(3) organization and your donation is tax deductible to the fullest extent of the law.  Tax ID#34-4450609

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 Paul Hood obtained his undergraduate and law degrees from Louisiana State University and an LL.M. in taxation from Georgetown University Law Center before settling down to practice tax and estate planning law in the New Orleans area. Paul has taught at the University of New Orleans, Northeastern University, The University of Toledo College of Law and Ohio Northern University Pettit College of Law.  Paul has authored or co-authored seven books and over 500 professional articles on estate and tax planning and business valuation.