Cambridge and McCook Benefit from IRA Distribution
Don and Alice Harpst
“Choose your ruts carefully as you will be in them for a while,” was the saying used by the pioneers who crossed Nebraska in the early 1800s.
Don and Alice Harpst of McCook, Nebraska have taken this advice and followed the example set by their parents of community involvement and development work throughout their working years and now in retirement.
For example, they have been active in community theatre productions and Don has served on the Fund Advisory Committee of the McCook Community Foundation Fund, an affiliated fund of the Nebraska Community Foundation.
As a result of this involvement with the McCook Community Foundation Fund, Don learned of the benefits of the tax law that permitted tax-free distributions from an IRA to a community foundation, that provision expired on December 31, 2009, and then was reinstated in 2010 and expired on December 31, 2011.
“I was in the right position age wise and fortunate to have an IRA fund balance that I could consider such a tax-wise gift,” shared Don.
The Harpsts’ next step was to meet with their legal, tax, and financial advisors. “Our advisors shared with us that this was a smart way to make a charitable gift since our children would pay a substantial amount in taxes if they received the IRA,” explained Don.
“Don and I had been thinking about how to help the communities and people of Cambridge and McCook as an expression of our appreciation for all the community and people have done for us and our family since we met at the McCook Junior College many years ago,” said Alice.
Knowing they wanted to make a gift but not certain of how or when to make the gift, the Harpsts sought the assistance of Jim Gustafson, Gift Planning Director.
“Jim helped us think through several decisions such as the best gift option available, to think of our community as another member of our family, and to see the benefits of our charitable gifts during our lifetime,” explained Don. “Once Don and I reached our decision it gave us a feeling of satisfaction to share in this way” said Alice.
