Dr. Krick on the rewards of giving, and how to use your RMD

Green plant growing from coins

 by Edwin H. Krick ’61                                                                                                                                    

I grew up in a pastor’s home during the Great Depression. Dad was being paid $10 a week to do “Harvest Ingathering” year round. I’ll never forget my folks’ dedication to meeting the needs of their church and God’s work—be it educational, medical, publishing, radio, and later TV. They had a special method of donating funds: after paying 10 percent tithe on their income, they set aside a “second tithe” for other projects. I learned early on from my parents the blessing of giving, and my wife Bev and I have found it a great blessing to continue giving toward various projects in a similar manner.

As the end of the year is upon us and tax season is just around the corner, I wanted to share of an opportunity for giving, especially in the last quarter of the year. If you are 70½ or older and no longer working, the IRS requires that you start taking from your individual retirement accounts (IRA) an annual amount calculated on your remaining probable life span. This is called a Required Minimum Distribution (RMD), on which you must pay tax. However, congress has passed a law allowing you to have the RMD sent directly to a charity of your choice without paying any tax. Just send the name and address of your charity to the company holding/managing your IRA. If you have any questions, your certified public accountant can help with the process. 

Your Alumni Association, School of Medicine of Loma Linda University, has several projects you might be interested in supporting such as your class fund, The Student Fund, the Centennial Tuition Endowment Fund, or our “missions arm”—the Association of International Medical Services, better known as AIMS. (And perhaps known to many of you by its former name, the Adventist International Medical Society.)

Another option is Perpetual Membership in the Alumni Association or AIMS. Please consider joining me this year in upgrading your membership—it truly is a perpetual donation that never stops giving!

Have the check made out to Alumni Association, SMLLU, 11245 Anderson St., Loma Linda, CA 92354. You can email our business manager, Sue Kunz, with details of how you’d like the funds distributed: skunz@llu.edu.

May God bless all you do in His service.

      

For more  information on Required Minimum Distribution, visit www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds