This past week, the Iowa Legislature passed a new law, Release IRA Funds Timely, or RIFT. This bill relates to probate law, allowing funds that are allocated by an individual in their will/estates to be released to the designated organization within a timely manner. Before, the process for the organization to receive their donation could take months, or even years. Iowa is the first state in the country to adopt a law of this kind.
Charities rely heavily on these types of gifts and resources for the good of the populations that they serve. In many cases, waiting for months or years to receive generous donations like these can sometimes be the difference between keeping the doors open and lights on. The RIFT bill will now make it so that estate gifts are received in a shorter time frame than has ever been possible.
Mid Iowa Planned Giving Council, or MIPGC, was the champion behind the new RIFT bill. Representative Bill Gustoff is a member of MIPGC and along with Executive Vice President of Thompson and Associates, Johni Hays. Both Gustoff and Hays have expertise in wills/estates and were instrumental members of the MIPGC who wrote the new RIFT bill. Bethany Life’s Foundation Director, McKenzie AlvaradoLopez, is a member of MIPGC. She is pictured above supporting MIPGC as Governor Reynolds signs the bill into law. This bill is a great example of what members of MIPGC can do collectively to benefit each of their organizations, and make advancements in the realm of planned giving.