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Give Us Your Most
Tax-burdened Asset
What is a gift of retirement
plan?
Qualified Retirement Plans
may be the most tax-burdened assets you can own. If you die
before you have taken all of your distribution from your
IRA, 401(k), Keogh, SEP or other qualified plan, the balance
remaining in your plan can be subject to multiple taxes that
can claim up to 75% of its value for those in higher estate
tax brackets.
Retirement plan assets may
be subject to BOTH income and estate tax when you die. You
can roll over your retirement plan at your death to your
surviving spouse without incurring any taxes. When your
surviving spouse dies, however, any remaining plan assets
can become subject to multiple levels of taxation, including
Federal income tax, Federal estate tax (partially offset by
an income tax deduction) and generation-skipping transfer
tax (GST) if the distribution is made to a skip person, such
as a grandchild.
This can create a scenario
where as little as 25 cents on the dollar remains for your
heirs. Why give your hard-earned retirement assets to the
government when you can give them to the Friends of Mammoth
Cave Foundation instead?
Here’s how:
If you have no spouse, or
your spouse is already adequately provided for, just fill
out a “Change of Beneficiary Form” naming the Friends of
Mammoth Cave Foundation as the primary beneficiary of your
plan. Give other assets to your heirs. Your plan assets will
go tax-free to the Friends of Mammoth Cave and your heirs
will receive their share of your estate without the burden
of extra taxes. If your spouse is living, state law may
require that he or she sign a “Spousal Waiver of Benefits.”
WARNING: Consult your legal and tax advisors before making
any material decisions based on this information.
For more information:
Email us,
complete the
Personal Illustration Form, or call us at (270)
773-2887 so that we can assist you.
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Appreciated Securities
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Real Estate
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Retirement Plan
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