Make a Tax-Free Year-End Gift From Your IRA
by Rev. Gary Pohl, Executive Director
Some good news!!!
In October Congress passed legislation that provides in years 2008 and 2009 owners of a traditional or Roth IRA may instruct the trustee to distribute directly to a public charity (including Lutheran ministries) up to a $100,000 gift without the distribution being included in their taxable income. This gift will also count toward the IRA owner's mandatory withdrawal amount.
To qualify for IRA rollover treatment, the donor must direct the IRA manager to transfer funds directly to a charity or ministry and must be at least age 70 1/2. The charity or ministry must be a tax-exempt organization. Such gifts must be outright gifts.
With this in mind, which ministry or ministries might you want to support if you qualify to make a gift from your IRA?
1. Your congregation
Does your church have any special campaigns that are currently underway, like a building drive? Also, you may want to make a special gift to your congregational or school endowment. Over 100 endowments have been created at Lutheran churches in Texas. This could be a great opportunity to further mission and ministry in years to come.
2. The Lutheran Campus Ministry-Lubbock Endowment
Speaking of endowments, the Lutheran Campus Ministry-Lubbock Endowment currently has a challenge grant. If it can raise $200,000 in the next 12 months, a generous donor couple will provide the endowment with an additional $100,000. To date over $92,000 has been donated so $108,000 more is needed. Alternatively, gifts can also be made to the "Endowment Fund for University Lutheran Church" in Austin or the "University Lutheran Chapel Endowment Fund" in College Station. The Lutheran Foundation of Texas (LFOT) is the trustee for these endowments. Call LFOT at 800-880-3733 if you would like to make a gift from your IRA.
3. A favorite Lutheran ministry, or its endowment
Perhaps you have a ministry that you've supported for years in Texas. Making a gift from your IRA would be a special way to support that ministry at this time.
A year-end gift from your IRA may be an ideal way to benefit the Lord's work. If LFOT can assist you, please contact us at 1-800-880-3733, or via e-mail at garyp@lfot.org or johnh@lfot.org.
LFOT Welcomes New Board Member
Rev. Dr. Victor Kollmann has been named to the Board of Directors of LFOT. Dr. Kollmann is Senior Pastor of Messiah Lutheran Church in Plano, Texas. He previously served as Assistant Pastor of Concordia Lutheran Church in San Antonio. Dr. Kollmann graduated from Concordia Seminary in St. Louis, Missouri in 1981. He later earned his Doctor of Ministry degree from Fuller Seminary in Pasadena, California. Dr. Kollmann is married to Angela, a biology teacher at Wakeland High School in Frisco. They have three adult children. Dr. Kollmann serves as the pastoral representative on the LFOT Board, having been elected at the Fall Circuit Counselors Conference.