Gifts of Retirement Assets
Most people will not use all their retirement assets during their lifetime. Donating part or all your unused retirement assets such as a gift from your IRA, 401(k), 403(b), pension, or other tax-deferred plans to The Catholic Foundation can provide a long-lasting impact on your parish, school, or favorite charity.
Benefits of gifts of retirement assets
- Avoid potential estate tax on retirement assets.
- Your heirs would avoid income tax on any retirement assets funded on a pre-tax basis.
- Receive potential estate tax savings from an estate tax deduction.
How to make a gift of retirement assets
To leave your retirement assets to The Catholic Foundation, you will need to complete a beneficiary designation form provided by your retirement plan custodian. Once you designate The Catholic Foundation as a beneficiary, your favorite charity will benefit from the full value of your gift because your IRA assets will not be taxed at your death. In turn, your estate will reap the benefits from an estate tax charitable deduction for the gift.
More on gifts of retirement assets
Did you know that 60%-70% of your retirement assets may be taxed if you leave them to your heirs at your death? Another option is to leave your heirs assets that receive a step up in basis, such as real estate and stock, and give the retirement assets to The Catholic Foundation. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.
Contact us
Please contact us if you have any questions about gifts of retirement assets. Please let us know if you have been so generous as to include a bequest to The Catholic Foundation as part of your estate plan.