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Planned Giving

What Will Your Legacy Be?

Your planned gift benefits Mystic Aquarium in important ways with no expense to you during your lifetime. There are many options including bequests, charitable trusts, annuities and other assets that have tax benefits for you.

Your long-term gift can have a direct impact immediately. Get started now and make a difference this year!

How It Works

If you are 70½ years of age or older, you can make a charitable gift directly from a traditional IRA account without incurring federal income tax on the withdrawal.

The IRA Charitable Rollover provides you with an excellent opportunity to make a gift during your lifetime from an asset that would be subject to multiple levels of taxation if it remained in your taxable estate.

  • Transfers must be made directly from a traditional IRA account by your IRA administrator to Sea Research Foundation Inc. d/b/a Mystic Aquarium. Funds that are withdrawn by you and then contributed do NOT qualify. Gifts from 401k, 403b, SEP and other plans do not qualify
  • Gifts must be outright. Distributions to donor-advised funds or life-income arrangements such as charitable remainder trusts and charitable gift annuities are not allowed
  • Maximum gift amount: $100,000
  • IRA Charitable Rollovers are not included in your gross income for federal income tax purposes on your IRS Form 1040 (no charitable deduction is available, however)
  • Charitable Rollovers do count toward your minimum required distribution for the year from your IRA

For example:
Suppose John, a long-time friend of Mystic Aquarium, has $500,000 in an IRA and he wants to contribute $20,000 to Mystic Aquarium. He can authorize the administrator of his IRA to transfer $20,000 to the Aquarium and $5,000 to himself. The $20,000 distributed to Mystic Aquarium will not be subject to federal tax and will be counted toward John’s annual minimum required distribution.

As you plan your minimum required distributions for this year, and if personal finances allow, please consider making a lasting impact by using it for a charitable gift via the IRA Charitable Rollover.

Questions?

Contact Roslyn Gilhuly, Senior VP of External Relations, at RGilhuly@MysticAquarium.org or 860.572.5955 Ext. 477

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