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From the President: The benefits of age

A note from Yates Mill Associates president John Vandenberg:

A few of our members in Yates Mill Associates are over the age of 70.5 and as many of you may know, that’s the magic age at which holders of IRAs must take distributions.

I am in that category and I want to share some information with you that I picked up recently: Congress has extended the law that allows individuals reaching that age to make tax-free gifts using funds directly transferred from their IRA account to a qualified charitable organization.

Needless to say, Yates Mill Associates is such an organization and we hope you’ll consider making such a gift to us. But you must do it soon. The right to make such a transfer ends on December 31, 2011. To get the paperwork done it would be wise to start no later than the beginning of December.

The benefits of this transfer are:

  1. It reduces your income from the IRA without itemizing it on your tax form.
  2. If you are in the minimum distribution category, this may count against your required distribution from the IRA.

I’m a biologist and a volunteer with YMA — not an accountant! You should of course contact your tax advisor for details on this transfer. And while you’re talking, ask about information on other ways to make contributions to Yates Mill Associates such as a revocable living trust, a gift of a life insurance policy or a gift from retirement plan assets.

Yates Mill itself is growing older. But Yates Mill Associates is simply growing, providing education and recreational opportunities to more and more people in Wake County and to visitors from around the globe. We need your help to maintain our beloved mill and to serve the increasing number of visitors to Historic Yates Mill County Park.

So think of us as you’re making your end-of-year charitable gifts — and all year long. And, of course, come visit us at Yates Mill!

Best wishes,

John

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