Gifts of Retirement Assets
If you are like most people, you probably will not use all of your retirement assets during your lifetime. You can make a gift of your unused retirement assets to help support the causes important to you.
Gifts of Retirement Assets Overview
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 fund at the Vermont Community Foundation, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate a fund at the Vermont Community Foundation as beneficiary, the fund 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, such as real estate and stock, and give the retirement assets to a fund at the Vermont Community Foundation. As a nonprofit, we are not taxed upon receiving an IRA or other retirement plan assets.
Contact Us
If you have any questions about gifts of retirement assets, please contact us. We would be happy to assist you and answer any questions that you have. Please let us know if you have already included Vermont Community Foundation as a beneficiary of your retirement assets. We would like to thank you and recognize you for your gift.
