Looking for a great giving vehicle? Texas Children's Hospital supporter Dr. Edward Yosowitz was and discovered the individual retirement account (IRA) charitable rollover. This popular giving option allows individuals who are 70½ or older to transfer up to $100,000 (or $200,000 per couple) from their IRA to a charity of their choice. It is a great way to satisfy required minimum distributions from a retirement plan and eliminate the income tax on these distributions, while making an immediate impact on a charitable organization.
Giving is a common thread throughout the story of Dr. Edward Yosowitz's life and legacy. As one of two founding members of the Women's Specialists of Houston at Texas Children's Hospital, he has poured much of his time and effort into building and leading this highly successful group. He has also mentored many young doctors and undergraduate pre-med students and still maintains a large, established gynecology practice.
"My obstetrics and gynecology practices have allowed me to have money to do other things as well," said Dr. Yosowitz.
He and his wife, Brenda, committed $100,000 in support of Labor and Delivery services at Texas Children's Pavilion for Women. They are fulfilling this commitment through the IRA charitable rollover. A plaque honoring their generosity hangs on the 15th floor of the Pavilion.
Dr. Yosowitz has always wanted to make a difference and to pass on the charitableness that he learned from his own family. He has published three children's books that share these and other life lessons. He donates all proceeds from the sale of his books to Ronald McDonald House Charities. The books also pay tribute to his mother, who inspired him with her own stories and the life-changing words, "You are special. Go do something special."