Giving with Intention: Smart Moves with a QCD

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Mary Kathryn Alter, Ph.D., stands by the window of her Edgewater home. She enjoys giving to Hospice of the Chesapeake through a QCD

Mary Kathryn Alter, Ph. D., stands by the window of her Edgewater home.

Like many of us, Edgewater resident Mary Kathryn Alter, Ph.D., never gave hospice much thought. But when her husband Philip’s neurological illness became more difficult, she quickly learned the value of hospice care. “The hospital was noisy and intrusive. Philip wanted to be at peace and not in a hospital. His doctor suggested hospice,”Mary said.

At Hospice of the Chesapeake, Philip received medication for comfort and remained alert. “He knew where he was, he talked to us and he was comfortable,” she said. At the inpatient care center, Philip looked out at trees and plantings. “It was quiet, restful – exactly what he wanted.”

A few years after her husband’s December 2017 passing, Mary honored the care her husband received with a gift. “I wanted to make sure others had the peaceful, comforting support Philip and our family received,” she says. Retired after a career as a math lecturer and administrator at the University of Maryland College Park, Mary also sought to ensure the gift fit into her philanthropic planning.

That’s why she was happy to learn about using a qualified charitable distribution or QCD. A QCD is a distribution of funds from an IRA other, than a SEP or simple IRA, directly to a qualified charitable organization, such as Hospice of the Chesapeake. Because the gift goes directly to the charity without passing through the IRA owner’s hands, the dollar amount of the gift may be excluded from taxable income, with some exceptions.

I’ll never forget how much Hospice of the Chesapeake did for us. Now, my gift helps others.

“A QCD allows me to donate from my IRA directly without ever receiving it as income,” she says. “That means I can give the full amount rather than what’s left after income tax due on the funds taken out. I maximize my donation and give more to causes I care about than if I wrote a check.

“I’ll never forget how much Hospice of the Chesapeake did for us. Now, my gift helps others.”

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This information is general and educational in nature and should not be considered legal or tax advice. Please consult your legal or financial advisor about your situation.

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