Using retirement plan assets such as individual retirement accounts (IRAs), 401(k) plans, Keogh plans, and other retirement plan accounts to fund a gift to Wounded Nature–Working Veterans often can be a tax-wise financial decision. Retirement plan assets are distributed outside of probate and are entirely free from U.S. federal estate and income tax when given to a tax-exempt charity such as Wounded Nature–Working Veterans.
Did you know that nearly half your retirement plan assets can be eaten away by taxes at your death?
Qualified retirement plans may save you taxation dollars during your lifetime, but unless you do some special planning, your heirs will be hit with both income and estate taxes to cover. After you’ve provided for your family, consider using the remainder of your retirement plan assets to fulfill your philanthropic objectives. Your charitable gift would make a meaningful contribution to Wounded Nature–Working Veterans mission, and would also offer valuable advantages to you.
You may find it most tax-wise to name Wounded Nature–Working Veterans as the beneficiary for all or part of your retirement account, leaving other less heavily taxed assets to heirs. Retirement-plan assets are distributed outside of probate and are entirely free from U.S. federal estate and income tax when Wounded Nature–Working Veterans is named as the beneficiary.
To implement your wishes, simply advise the plan administrator of your decision and sign the required form(s). For an IRA or Keogh plan you administer personally, notify the custodian in writing and keep a copy with your valuable papers. Here’s how you might list us on your retirement plan beneficiary form: “Wounded Nature–Working Veterans, P.O. Box 20363, Charleston, South Carolina, 29413 Tax ID # 27-3570810.”
To include your retirement plan as part of a donation to Wounded Nature–Working Veterans, please contact Rudy Socha.
**The information on our Web site is not intended as financial or legal advice. Please consult your qualified advisers as you consider philanthropic gifts.