Retirement Plan Assets
Donating part or all of your unused retirement plan assets, such as your IRA, 401(k), 403(b), pension or other tax-deferred plan, is an excellent way to make a gift to the Capuchin Province of St. Augustine.
If you are like most people, you probably will not use all of your retirement plan assets during your lifetime. You can make a gift of your unused retirement plan assets to help further our mission and the good works of the Capuchin friars.
Benefits of gifts of retirement plan 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
More on gifts of retirement plan 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 the Capuchin Province of St. Augustine. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.
How to make a gift of retirement plan assets
To leave your retirement assets to the Capuchin Province of St. Augustine, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate the Capuchin Province of St. Augustine 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.
If you have any questions about gifts of retirement plan assets, please contact us. We would be happy to assist you and answer your questions.
Please let us know if you have already included the Capuchin Province of St. Augustine as a beneficiary of your retirement assets. The Capuchin friars would like to thank you and recognize you for your gift.