Gifts of Retirement Assets
Donating 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 make a gift to Catholic Community Foundation of Minnesota.
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 you achieve your charitable giving goals.
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 tax savings from an estate tax deduction
How to Make a Gifts of Retirement Assets
- To leave your retirement assets to Catholic Community Foundation of Minnesota, you will need to complete a beneficiary designation form provided by your retirement plan custodian.
- If you designate Catholic Community Foundation of Minnesota as beneficiary, you 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.
Did you know that 40-60% 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 Catholic Community Foundation of Minnesota. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.
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 Catholic Community Foundation of Minnesota as a beneficiary of your retirement assets. We would like to thank you and recognize you for your gift.