Dennis O’Connor has been supporting the International Rescue Committee for more than 40 years. When he and his wife moved to Charlottesville, Virginia, in 2012, he was surprised to discover a local IRC resettlement office there. Dennis began volunteering almost immediately. His recent efforts to organize an influx of donated supplies have helped numerous Afghan families who are being resettled in the area.
When Dennis turned age 70½, he learned about the advantages of making a charitable gift directly from his IRA and decided to take his support for the IRC to the next level. The process of making his largest gift yet through an IRA charitable rollover was simple, and he did not have to pay income taxes on the distribution. Seeing the benefits for the charities he supports as well as his family has inspired Dennis to continue this generous practice annually.
Additionally, Dennis created a living trust to provide for his daughter. Now that he can no longer stretch out payments from his IRA to his daughter over her lifetime, it made sense to use his retirement assets to fund a charitable remainder trust that would pay her income during her life and provide for the IRC in the future.
“It’s important to make decisions now for the future that will benefit people and organizations that I care about.”