Did you know that in 2015, Congress passed a law allowing you to give up to $100,000 directly from your IRA to charities, without it being a taxable event? It’s called a Qualified Charitable Distribution (QCD), and it may allow you to benefit in a number of ways, including avoiding the Net Investment Income 3.8% Medicare Surtax.
…wait, what was I talking about? Oh, the baby! It’s a girl!
That’s right, if all goes well, Carie and I will be parents to SIX GIRLS! In all reality, had this been a boy, we wouldn’t have known what to do with him, so this is perfectly wonderful to us. The main challenge for us at this point is coming up with another girl’s name, since we feel like we’ve used them all!
For those of you who are keeping track, we have daughters that are ages 14, 12, 10, 8 and 8 (identical twins). Having another baby – due August 22nd – keeps us as fixtures at all school concerts, meetings, and events for the next 18 years. It also means my retirement has likely been delayed as well.
So while the Qualified Charitable Distribution law is a really powerful planning strategy for those who are willing and able to do some charitable giving planning, I hope you’ll find it acceptable that we’re tabling that discussion for a bit in order to bring you the good news. We’re excited to grow our family tree, believing that this little girl may grow to become the love of someone’s life, maybe a mother herself, an engineer, a teacher, or a comedy writer. After all, she’ll have to have a sense of humor to endure the incredible amounts of attention she’s about to receive from her six moms and grandparents alike. It’s likely to be a wild ride from here…
All the best,
Adam Cufr, RICP®
