Gifts of Retirement Assets
Donating part or all of your unused retirement assets such as a gift from your IRA, 401(k), 403(b), pension or other tax-deferred plan is an excellent way to make a gift to MPFS.
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 MPFS, you will need to complete a beneficiary designation form provided by your retirement plan custodian.
- If you designate MPFS as beneficiary, we will benefit from the full value of your gift because your IRA assets will not be taxed at your death.
- 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 at your death?
- Another option is to leave your heirs assets that receive a step-up in basis loophole, such as real estate and stock, and give the retirement assets to MPFS.
- As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.
GIFT OF A BANK ACCOUNT WHEN NO LONGER NEEDED (POD).
- Contact your bank or credit union and request a POD beneficiary designation form.
- By filling out the form and sending it back to your financial institution you could direct them to pay the balance of any account you designate to MPFS when you pass away.