Retirement Plan

If you have planned carefully for retirement you may find that the assets in your IRAs and other qualified plans exceed your needs.  Several options exist for you to use IRA assets for charitable good. 

BENEFICIARY DESIGNATION:

By designating the Foundation as sole or partial beneficiary of assets remaining in a retirement plan, after death your proceeds would be directed to a Foundation endowment with charitable purposes.  This strategy can be far more advantageous than having those assets included in a taxable estate or leaving them to heirs, in which case they may be taxed at a cumulative rate of over 65%.

HIGHLIGHTS:

  • No estate tax is due on the retirement plan assets that pass to the Foundation.
  • The gift will qualify your estate for a charitable deduction.
  • The funds may be used to establish a life income trust for a person of your choice.
  • The only document required is a change of beneficiary form, which is available from the plan administrator.
  • You retain access to all retirement plan assets during your lifetime.
  • A fund at the Foundation will reflect your charitable interests.
  • Fund minimums apply, but there is no fee to establish a fund.

REQUIRED MINIMUM DISTRIBUTION:

In years when the Required Minimum Distribution is suspended, you may still elect to take a taxable distribution and then contribute cash to charity for an offsetting deduction.

 
 


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