Gifts by Retirement Benefits
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 St Ronald Parish. 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 further our mission.
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 St Ronald Parish, you will need to complete a beneficiary designation form provided by your retirement plan administrator or custodian, If you designate St Ronald Parish 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, such as real estate and stock, and give the retirement assets to St Ronald Parish. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.
Here is some information to share with your financial planner or estate planning attorney:
St Ronald Parish Federal Tax ID #: 38-1992483
St Ronald Parish, Mailing address: 17701 15 Mile Rd, Charter Twp. of Clinton, MI 48035
If you have any questions, please contact the Parish Office at 586-792-1190 or firstname.lastname@example.org.
The information we have provided above is for estate planning purposes and is not meant to be legal or tax advice, If you have any questions please do not hesitate to consult your financial planner or estate attorney.
Please let us know if you have already included St Ronald Parish as a beneficiary of your estate. We would like to thank you and recognize you for your gift.