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Hostutlers Use IRA Rollover to Say "Thank You"

Hostutlers Use IRA Rollover to Say
Tom and Patricia Hostutler

Thomas and Patricia Hostutler are graduates of the former St. Mary's High School in Clarksburg, West Virginia, which is now known as Notre Dame High School. Patricia is a member of the Class of 1953, and Tom is a member of the Class of 1954. Aside from the lay athletic coaches who also served as teachers, the Sisters of St. Joseph comprised the total faculty at that time.

The Hostutlers always treasured their Catholic education that was made possible by their parents' sacrifice and support and the dedication and commitment of the Sisters of St. Joseph. Tom says, "Later in life, we learned to better appreciate the discipline and teaching attention provided by the nuns in an environment of small pupil-teacher ratio. We are also aware that many religious communities often have financial difficulties in funding retirement facilities for their older members. This was especially true years ago when the teaching compensation was rather negligible."

Through the provisions of the Pension Protection Act of 2006, having reached the age of 70½, the Hostutlers elected to direct the Required Minimum Distributions (RMD) of their IRAs in 2007 and 2008 as direct qualified charitable distributions to selected charities. The Congregation of St. Joseph was one of the charities they selected. The Hostutlers preferred this giving opportunity since direct IRA rollover gifts to charities are excluded from an individual's taxable income. This saves them from having to accept their RMDs, thus preventing an increase of their taxable income and exposure to increased taxes. They also appreciate the convenience of this method of giving. All they had to do was contact their IRA custodian with instructions to make the direct distribution to their favorite charities. "We chose to make these modest donations for the benefit of the retired nuns as our 'thanks' for their influence on our lives," said Tom.

Clearly, making a charitable contribution through a direct rollover from your IRA to the Congregation of St. Joseph can help you with your tax issues, while at the same time help the sisters with their financial needs. Thanks to this giving opportunity, the Hostutlers are happy and the sisters are very appreciative of Tom and Patricia's generosity and loving kindness.

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To learn more about making an IRA gift, you may print the following brochure, Giving Through Your IRA

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