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 Community Foundation of Central Georgia.
If you are like most people, you probably will not use all of your retirement assets during your lifetime. You can make a charitable gift of your unused retirement assets create a fund to achieve your own philanthropic goals.
During Your Life
During your life, gifts from your IRA can be given to many funds at the Community Foundation of Central Georgia, including endowment funds, scholarship funds, and field of interest funds. However, you cannot make an IRA charitable rollover gift to a donor advised fund during your life.
At Your Death
At your death, gifts from your IRA can be given to any fund at the Community Foundation, including donor advised funds. Because retirement assets are some of the highly taxed assets and are among the most costly assets to pass onto heirs, using your IRA to make charitable gifts to organizations such as funds at the Community Foundation of Central Georgia can be a great strategy.
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 Community Foundation of Central Georgia, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate a fund at Community Foundation of Central Georgia as beneficiary, 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 Community Foundation of Central Georgia. As a nonprofit , 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 Community Foundation of Central Georgia as a beneficiary of your retirement assets. We would like to thank you and recognize you for your gift.