You can name or designate Dog Is My CoPilot as a beneficiary of your IRA, 401(k), or other qualified retirement plan and allow the balance of your retirement assets to save animals in the future.
With this approach, you can continue to take regular lifetime withdrawals and you maintain flexibility to change beneficiaries if your family’s needs change during your lifetime. To give through a 401(k) or another type of retirement account, all you have to do is contact the financial institution that manages your retirement plan and designate a charity as the beneficiary. This can be set up quickly and often just requires you to notify the financial institution that manages your retirement account.
You can also make donations through your retirement plan to any charity. Giving through your retirement account is often referred to as a Qualified Charitable Distribution (QCD). If you wish to give to charity, making a gift through your retirement account is often considered a tax efficient strategy. This costs nothing to set up, does not require a consultation with an attorney and gifts can often be processed with a quick phone call to your financial institution.
Remember, you must be 70½ or older to be eligible to make a QCD and can be counted toward satisfying your required minimum distributions for the year. QCD’s distributions are not counted towards taxable income and don’t require that you itemize, which due to the recent tax law changes, means you may decide to take advantage of the higher standard deduction, but still use a QCD for charitable giving.