IRA Gifts Fund Healthcare at AJH

Longtime hospital supporter, trustee, and investment committee volunteer, George Darling, is the founder and now retired CEO of Darling Consulting Group in Newburyport. He splits his time between Ipswich and Sarasota, Florida, but his preferred location for healthcare services is AJH. “This hospital is an important asset for the community,” George says. “It provides quality healthcare, close by.”

Recently he visited AJH, where he took advantage of the rehab services. “I had a knee replacement here about five months ago, using the MAKO technology,” George says. “I couldn’t be happier with the result.”

Yes, George is a grateful patient; but when it comes to philanthropy and supporting our community hospital, his practical business sense helps guide the decision. George contributes annually to AJH by making an IRA charitable rollover gift. Being over the age of 70½, George chooses to make a tax-free direct charitable transfer to AJH from his IRA. By making this direct transfer, George uses pre-tax dollars to make a charitable gift, there are no negative tax consequences for him, and AJH receives 100% of his intended contribution.

If he were to withdraw funds from his IRA and then make a charitable gift, the withdrawal would be subject to taxation and would result in a smaller amount available for charity. George’s preferred gift vehicle is a smart, year-end tax-planning strategy. It can be considered for those over the age of 70½ who plan to itemize and want more deductions or for those who take the standard deduction and want to reduce taxable income.

For George, who is concerned about the future of healthcare in our community, the choice is simple.

He understands that the hospital needs community support to thrive in today’s dynamic environment. George encourages others to consider how they might leave their legacies at AJH and help fund the future of healthcare close to home.