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The IRA Charitable Rollover Gift Annuity Plan

Give from Your IRA and Receive a Lifetime of Payments

Donors over 70½ can receive a lifetime of payments in return for a contribution to Froedtert Hospital and Medical College of Wisconsin from their IRA account. This gift plan combines a charitable gift annuity and a Qualified Charitable Distribution (QCD) from an IRA. Let’s see how it works.

Charitable Gift Annuity — A charitable gift annuity is a simple contract between you and Froedtert Hospital and Medical College of Wisconsin promising to pay you a fixed amount of money each year for life. The gift annuity contract is issued to you in exchange for your charitable contribution. The amount Froedtert Hospital and Medical College of Wisconsin will agree to pay you depends upon your age at the time of your gift and does not change for the rest of your lifetime. Froedtert Hospital and Medical College of Wisconsin invests and manages your contribution and your payments are backed by the financial resources of Froedtert Hospital and Medical College of Wisconsin. Some or all of the payment you receive each year is taxed as ordinary income.

Qualified Charitable Distribution — A QCD — sometimes called a “charitable rollover” — is a contribution from your IRA directly to Froedtert Hospital and Medical College of Wisconsin. You can make a QCD if you are at least age 70½ at the time of your gift. Unlike other distributions from your retirement accounts, you pay no income tax on a Qualified Charitable Distribution, although there is no charitable deduction for your contribution. However, your QCD contribution counts toward your Required Minimum Distributions (RMD) from your IRA without creating taxable income for you.

Charitable Rollover Gift Annuity — Under a new law effective in 2023, some donors can make a QCD in exchange for a charitable gift annuity. There are some rules and limitations:

  • You can exercise this option only once during your lifetime.
  • There is an aggregate limit of $53,000 for 2024.
  • The entire payment you receive from your charitable gift annuity will be subject to income tax.
  • You can include your spouse as a recipient of the annuity payment.
  • There is no income tax deduction for this contribution, although there is no tax on the QCD either.

Example

Consider Alan, a 75 year old who would like to make a special contribution to support Froedtert Hospital and Medical College of Wisconsin. Alan has substantial assets in his IRA, and he knows that he is facing a RMD this year. Even though he doesn’t really need the income, Alan knows that his RMD is going to increase his income tax. Instead, Alan chooses to make a $53,000 QCD to Froedtert Hospital and Medical College of Wisconsin in exchange for a charitable gift annuity which will pay him $3,710 (7%) per year for the rest of his lifetime. Alan understands that he is allowed to make this election only one time, but he is looking forward to securing a stream of payments for his lifetime while reducing his RMD and making a generous contribution to Froedtert Hospital and Medical College of Wisconsin.

Please contact Marla Habert at legacyinfo@mcw.edu or call 414-955-4518 for more information. We would be happy to work with you and your advisors to help determine whether this new option is right for you.

What to Expect for Clinic Visits

We understand that visiting any health care facility during this time may cause some concern. That is why we want to assure you of the safe, expert care you will receive. Here is what you can expect when you visit one of our locations.

1. Scheduling Your Appointment

Safety precautions begin before your visit. When scheduling, our team will screen for signs and symptoms of COVID-19 and may offer a virtual visit instead or as part of your follow-up care. If an in-person visit best meets your needs, we will help you prepare for your visit and what to expect when you arrive.

How to Prepare for Your Visit

  • Please wear a face covering over your mouth and nose when entering our facilities and during your visit. If you do not have a face covering, we will provide one.
  • Limit the number of people who come with you. For clinic visits, our visitor policy generally allows one visitor or support person per patient. Anyone accompanying you must wear a face covering at all times and be symptom-free.

2. When You Arrive

Our staff will welcome you at your designated entrance or check-in desk. To ensure the safety of everyone, you and anyone accompanying you should:

  • Let us know if you are ill or if you are currently experiencing any of these symptoms: Fever, body aches, headache, cough, sore throat, runny or stuffy nose, nausea, vomiting, diarrhea, fatigue, new loss of taste or smell, shortness of breath or difficulty breathing.
  • Sanitize your hands.
  • Wear your face covering over your mouth and nose. Ask for a face mask, if you do not already have one.
  • Allow extra time for a health screening when you arrive. At our hospitals, we will take your temperature and ask additional screening questions at each entrance.

3. During Your Visit

Please wear your face covering over your mouth and nose at all times and maintain a safe six-foot distance from others to the greatest extent possible. You may notice extensive safety precautions in waiting areas and other public spaces, including:

  • Hand sanitizer stations
  • Furniture rearranged or removed to promote social distancing
  • Floor markers to guide you in maintaining a safe, six-foot distance from others
  • Safety messages posted as a reminder to all
  • Magazines, coat racks, beverage stations and other commonly shared items removed
  • Enhanced cleaning practices, including frequent disinfecting of high-touch surfaces such as elevator buttons, vending machines and door handles

4. When You Meet With Your Care Team

You can expect thoughtful, expert care in a safe environment.

  • To keep everyone safe, our staff and providers are required to get vaccinated unless they qualify for a medical or religious exemption.
  • You and your care team will stay masked whenever possible. Patients may be instructed to take off face coverings, if needed to provide care.
  • Your care team will wear personal protective equipment.
  • Our providers and staff are screened for signs and symptoms of COVID-19 prior to reporting to work to confirm they are well.
  • Examination and procedure rooms are thoroughly cleaned and disinfected between every patient using stringent guidelines.
  • Froedtert Pharmacy offers many ways to stay safe while getting your prescriptions, including free home delivery, drive-thru and curbside pickup.