Gifts of Retirement Assets Did you know that your retirement plan assets will be taxed heavily when you die? When you plan your estate, it may seem natural to designate a family member as the successor beneficiary of your retirement plan, and use other assets to make a charitable gift. But using retirement assets to make your donation and leaving other assets to your heirs often enables you to give more to your heirs. Since we are a non-profit organization, we won't pay income tax on the distribution (nor will the gift be subject to estate tax). The entire amount comes to us, and your heirs will benefit from a reduced estate tax burden. Planning points
Can I use retirement assets to fund a charitable life income arrangement? Yes, you can. Talk to your financial advisors and us first to project whether your heirs would benefit more from income from a gift plan or withdrawals from your retirement account. A lifetime withdrawal from your plan raises additional tax considerations. How do I make a gift of my retirement account assets? Notify your plan administrator of your wish to change the beneficiary. First, get the advice of your plan administrator and an attorney. Call us to ensure that your plans are fulfilled. For more information Email us, complete the personal illustration form, or call us at (517) 884-1068 so that we can assist you through every step of the process. Michigan State University Planned Giving content ©2008 VirtualGiving | Disclaimer & Privacy Notice |
