Gifts of Retirement Assets
If you are like most people, you probably will not use all of your retirement assets during your lifetime. A donation of part, or all of your unused retirement assets, such as your IRA, 401(k), 403(b), pension, or other tax-deferred plan, is an excellent way to help further the Lord's work.
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 a ministry, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate a specific ministry as beneficiary, it will benefit from the full value of your gift because your IRA assets will not be taxed at your passing. Your estate will benefit 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 after you pass away? A better 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 your church or a ministry. As a ministry, the church (or specified ministry) is not taxed upon receiving an IRA or other retirement plan assets.
Contact us
Our goal is to offer you the best God-honoring solution for your financial legacy. If you have any questions concerning gifts of retirement assets, or any other giving solution, please feel free to contact us. It would be our privilege to assist you and answer any questions you may have.
