Happy Tax Day?

A New Way of Giving: The Charitable IRA

However, some taxpayers experience limits to this way of giving and some benefits phase out due to increased income. Retired persons may also find an increase in income may lead to higher tax on some benefits of their Social Security.

You can give directly to St. Francis Manor Foundation from your Roth or Traditional IRA up to $100,000 tax-free. A couple with separate IRAs can each give $100,000. Be sure to check with your financial consultant as to what your required minimum distribution would be based on the amount in your IRA.

Do you Qualify?

• Donor must be 70½ or older
• The transfer must roll over directly from an IRA (Roth or Traditional) to a tax exempt organization that is classified as 501(c)(3) charity
• Gifts may not exceed $100,000 a year
• Transfers to donor advised funds do not qualify
• There is no income tax deduction for the transfer
• Give by December 31st, 2011 for 2011

Not everyone has extra IRA assets to give. But if you do, you may be interested to know that as your estate is passed on, a good portion of your IRA wealth may otherwise go to estate taxes and the income taxes of your beneficiaries. In some cases, heirs may receive less than half of their IRA assets passed to them.

IRA accounts are not only subject to income tax when withdrawn during one's lifetime or by survivors, but they also may be subject to state and/or federal estate tax if left to loved ones other than a spouse. 

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10 Things

you Never

Knew About:

Julia Roland

We asked Julia, Med Aide at St. Francis Manor, and she answered:

1. Julia has a son named Ethan who is 4 years old.
2. This May, she will graduate with a Bachelor's Degree in Psychology and a Bachelor's Degree in Criminal Justice.
3. She enjoys going camping.
4. PEPSI is her favorite drink on the planet.
5. Trips to the dentist are not her favorite.
6. Her dog is named KT.
7. Her favorite food is mashed potatoes.
8. She is terrified of birds.
9. Her family nickname is "Pickle"
10. One of her favorite things to do is have lunch every Sunday with her family at her grandma's.

Live from London: Our own Valerie Miller

As you know, Valerie Miller is currently in London and of course many people keep asking about the Royal Wedding coming up on April 29th at 6AM (Central Time). Valerie has a friend at NBC Chicago who set her up with a phone interview on the April 12th NBC Morning Show regarding an 'American perspective' of the wedding! If you would like to listen to the clip, click HERE.  To read the article HERE.

Spotlight on Board Member: Clem Bodensteiner

Clem Bodensteiner, originally from St. Lucas, Iowa  and past superin-tendent of the Grinnell-Newburg School District has served on the St. Francis Manor & Seeland Park board for two years.

Being a board member means many things. Clem notes that it includes working with others, collaboratively addressing issues and solving problems. Planning for improvements and growth to accomplish the mission/goals of the organization while remaining sensitive to the needs of our clients and future changes.

"I've learned that St. Francis Manor consists of many caring and dedicated people who are focused on providing quality services for their residents."

In his free time, Clem enjoys reading, physical activity and spending time with his family.

We asked Clem, what is one thing we don't know about you? "I am an eternal optimist. I believe life is a wonderful journey if we take the time to appreciate the blessings and gifts we have, and celebrate the good we find in our family, friends and acquaintances."

We couldn't agree more Clem! 

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