Donating retirment assets is one of the most cost-effective gift that you can make. This is due to the double taxation of retirement funds. If you leave your assets in retirment accounts to children or other heirs, these funds will be included in your taxable estate for federal estate tax purposes. Additionally, beneficiaries must also include any withdrawals they receive from retirement accounts in their taxable income. So both estate taxes and income taxes are charged on the same asset.
If you can make other provisions for your family, leaving retirement assets to Androscoggin Home Care & Hospice is a great way to make the most of these funds that you have accumulated.
Benefits
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Donor does not give up the use and control of these assets throughout their life.
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Allows you to optimize how you distribute assets in your estate.
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Retirement assets are typically one of the largest sources of wealth in a person's portfolio, though often overlooked as a source for charitable giving.
Details
The best way to leave retirement assets to Androscoggin Home Care & Hospice is to advise your retirement plan administrator of your desire to change your beneficiaries and to sign whatever form they require. This allows these assets to remain outside of your estate. Androscoggin Home Care & Hospice can be the primary beneficiary after your death, a secondary beneficiary after your spouse, or even a contigent beneficiary. This bequest can be structured as a percentage of the assets or a specific dollar amount.
Your gift can be designated as unrestricted - for use wherever our needs are greatest - or you may restrict the funds for a specific purpose. You can even create an endowed fund which can exist in perpetuity with annual income earned each year being used in support of an area of choice, like the Hospice House or community bereavement program.
Note: If restricting your gift for a specific purpose or creating an endowed fund, please notifty the Development Department of your intentions to ensure that your request can be fulfilled by Androscoggin Home Care & Hospice and that the language used is appropriate to accomplish your wishes.
For More Information
If you would like to learn more about the benefits of gifting retirement assets to Androscoggin Home Care & Hospice, please contact us.