Gifts of Retirement Assets
BENEFITS OF GIFTING RETIREMENT ASSETS
- Avoid income and estate taxes depending on your individual situation
- Deploy 100% of your retirement assets toward your charitable goals
- Create a charitable legacy today by indicating your intentions for the fund upon your passing
Retirement plan assets are some of the most tax-efficient assets to transfer to charity upon your death. Deferred income tax and estate tax can erode the value of retirement assets; leaving less for your heirs. By leaving retirement assets to your fund at Berkshire Taconic, you can preserve 100% of your hard-earned assets for the good of the community-forever.
Naming BTCF as beneficiary of your retirement assets is as easy as updating your IRA beneficiary form. See Beneficiary Designation for more information.
Are you turning 70 ½? Congress has enacted a permanent IRA charitable rollover. As a result, you can make an IRA rollover gift this year and in future years. The IRA charitable rollover provision permits tax-free distributions to a charity from an Individual Retirement Account held by someone age 70 ½ or older of up to $105,000 per taxpayer, per taxable year. Make a tax-free contribution from your IRA to an existing or new fund at BTCF. (NOTE: Donor advised funds are excluded from this provision.)
BENEFITS OF AN IRA CHARITABLE ROLLOVER
- Satisfy your required minimum distribution for the year
- Reduce your taxable income, even if you do not itemize deductions
- Make a gift that is not subject to the deduction limits on charitable gifts
HOW AN IRA CHARITABLE ROLLOVER GIFT WORKS
- Contact your IRA plan administrator to make a gift from your IRA to BTCF.
- Your IRA funds will be directly transferred to BTCF to help increase our community impact.
- Please note that IRA charitable rollover gifts do not qualify for a charitable deduction.
- Please contact us if you wish for your gift to be used for a specific purpose.
