|
Planned
Giving
Gifts
of Retirement Assets
Contributions to retirement plans can provide an excellent opportunity
for growth as they are invested tax-free. The earnings are taxed when
they are withdrawn, but this has allowed more dollars to be invested for
more growth. Additional savings can occur if the recipient is in a lower
tax bracket when the funds are withdrawn (for example, during retirement)
than when the investments were growing.
But,
careful planning concerning the withdrawals from retirement
funds needs to be done. Not only is there a potential income
tax burden, but if there is a balance in your retirement
account at your death, there may be estate taxes as well.
Estimates are that taxes could eat up as much as 75-80%
of retirement assets under certain circumstances.
Using
qualified retirement plan funds is an excellent source of
assets to fund bequests. By designating the Sisters of Notre
Dame de Namur as a beneficiary (it can be a contingent beneficiary
after the death of a spouse) funds pass to the Sisters free
of taxes. It is possible to set up the beneficiary as the
recipient of the entire remaining funds in the account or
establish a percentage to fund the bequest.
Please
note - the designation of any charity as a beneficiary
of retirement fund assets cannot be simply written in your
will or trust. The charity must be designated as a beneficiary
of the retirement plan.
Everyone's
personal circumstances are different, so please consult
your tax advisor concerning the use of qualified retirement
funds. We would be glad to make suggestions that could be
effective in accomplishing your (and your family's) needs
and benefit the Sisters of Notre Dame de Namur as well.
Return
to Wills and Trusts story or
to Ways to Give.
Please
note, individual financial circumstances will vary. The
information on this site does not constitute legal or tax
advice. Donor stories and photographs are for purposes of
illustration only. As with all tax and estate planning,
please consult your attorney or estate specialist. All material
is copyrighted and is for viewing purposes only. Use of
this site signifies your agreement with the terms
of use. The content in this Planned Giving section has
been developed for Sisters of Notre Dame de Namur, Ohio
Province by Future
Focus. Please report any problems to section
webmaster. Revised: September 23, 2008 10:47.
©1999-2006,
Sisters of Notre Dame de Namur, Ohio Province 701 East Columbia
Avenue, Cincinnati, OH 45215-3999 513-761-7636 | 513-761-6159
FAX
Send
comments on this Web Site to Web
Weaver. This page was updated: September 23, 2008 10:47
|
HOME