10-09-2020 · Tocqueville Society · Cole Society


Lyn and Bob Turknett of Turknett Leadership Group use an IRA to support the work of United Way of Greater Atlanta.
What inspires you to live United?

We have been committed to United Way – as volunteers and donors – for decades, because we have seen the power of tackling community problems TOGETHER. UWGA is a powerful force for real change in our community and has the ability to bring all the community together – nonprofits, businesses, local communities, government agencies – all of us – to effectively address our most difficult problems. As a longtime volunteer at the local level I have seen the power of United Way up close and personal.

What prompted you to utilize your IRA for your Cole and Tocqueville Society contribution?

We are old enough to be required to take distributions from our IRA, and, of course, those distributions are taxable as ordinary income. When a gift is given directly from the IRA to a qualifying charity, the income is NOT taxable, but still counts toward your minimum distribution.

How did you learn you could use your IRA for charitable purposes?

From my sister! She and her husband had seen something about this in a newsletter from their financial advisor, and Bob and I began looking into it.

What advantages do you think this method of giving has over others?

Likely only right for some, but it fits for us because it minimizes tax liability.

Would you recommend others to also utilize this method?

YES – IF IT FITS THEIR SITUATION.

Who do you think would benefit from using this method?

Probably most people like us who are still working but who are old enough to be required to take minimum distributions from an IRA.

For more details on using your IRA to help our community, click here. Talk with your financial advisor or tax professional to determine your best strategies. For a confidential conversation about ways to save on taxes while supporting our community, contact your United Way of Greater Atlanta representative.