Gift Planning
Planned Giving
Find out what types of assets make the best planned gifts. Learn about gifts of cash, securities and property.
Bob and Mary Are Giving Smarter and Achieving Their Dreams...Find Out How You Can Too!
Bob and Mary first met at Two-Bit Flicks, a 25-cent movie night held on Fridays in Brighton Lecture Hall. When the spring formal hosted by the women's dorm came around, Mary asked Bob to go with her. It was their first "official" date.
The rest, as the saying goes, is history. Or in Bob and Mary's case, it is natural history. That's because Emporia State also introduced them to a lifelong passion for the natural sciences.
Bob and Mary feel Emporia State was the catalyst for the life they've built together. Mary became a science educator for 6th, 7th, 8th and 9th grade students. Bob founded and served as director of the Great Plains Nature Center and became a renowned nature photographer.
Now they want others to have the same opportunity they did. They want to help students come to ESU and discover a passion they can follow for the rest of their lives.
Bob and Mary found a simple and easy way to achieve this dream. When they set up their trust, they named Emporia State as a beneficiary.
What's your dream?
Learn how easy it is to make your dream a reality by naming Emporia State University in your will or trust. Contact Angela Fullen, Director of Planned Giving at the Emporia State University Foundation. She can answer your questions or help you get started. If you have already named Emporia State in your will or trust, let us know. We will make sure your gift does everything you want it to do.
"I would encourage anyone, if they are thinking about doing something like this, to contact the Foundation. For us, it has been a great experience." - Mary Butel
Getting Started is Easy
Not sure how to take the first step? We've got just the thing you need. Download your free Will and Estate Planning Guide. This guide is an easy way to get started on, or update, your estate plan. It will help you explore your options at your own pace. It's free, easy and yours to keep.
Download your copy today or contact Angela Fullen to request a printed copy.
Angela Fullen
Director of Planned Giving
Telephone: 620-341-6465
[email protected]
Washington News
IRA Required Minimum Distributions by December 31
One exception to this applies to IRA owners who turned age 72 in 2022. These individuals may delay their first RMD until April 1, 2023. However, if their first RMD is delayed, a second RMD will be required by December 31, 2023.
RMDs are generally required for most qualified retirement plans and apply to three types of IRA: Individual Retirement Arrangements (IRAs), Simplified Employee Pension Plans (SEPs) and Savings Match Plans for Employees (SIMPLE) IRAs.
RMDs also apply to 401(k), 403(b) and 457(b) plans. An exception to the RMD requirement is a Roth IRA - there are no distribution requirements for this plan as long as the original owner is living.
Most taxpayers take a RMD based upon the Uniform Lifetime Table in IRS Pub. 590-B. This table assumes two beneficiaries, one of which is no more than 10 years younger than the IRA owner, and calculates a distribution amount based on both ages. If the IRA owner has a spouse more than 10 years younger, a special calculation is applicable.
Owners of multiple IRAs must calculate the RMD for each plan. However, the owner can elect to withdraw the total RMD amount from any IRA plan.
Some employees over age 72 who are still working and are not major owners of a business may be able to defer their RMDs until after retirement. Employees should consult with a tax advisor if this exception is applicable.
Many online calculators are available to determine a RMD. Most large financial companies offer an online determination of the correct amount. RMDs start at approximately 3.6% of the December 31st IRA balance and increase each year after age 72. There are online worksheets on IRS.gov that may be helpful.
The IRS released new IRA distribution tables for 2022. The new tables reflect longer life expectancies and future RMDs will be slightly reduced.
Editor's Note: An excellent way to fulfill an RMD is to give part or all of the IRA distribution to a qualified charity. Qualified charitable distributions (QCDs) for individuals over age 70½ may fulfill part or all of your RMD. The QCD is a direct transfer from the IRA custodian to a qualified charity, up to $100,000 may be transferred in a single year. It is important to act quickly if you plan to do a QCD this year. Your QCD must be completed by December 31, 2022 if it is intended to satisfy your 2022 RMD.
Published November 18, 2022
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