Most retirement plans are tax-deferred, meaning that you do not pay income tax on the assets in a retirement plan until they are distributed to you. Because any retirement assets that are unused during your lifetime may be subject to both income and estate taxes, these may be among the costliest assets to distribute to loved ones through your estate.
But a retirement asset can make an ideal gift to a tax-exempt charitable organization. Your estate may receive valuable tax savings. In addition, unlike an individual beneficiary, a tax-exempt non-profit like Environment Massachusetts Research and Policy Center will not be subject to income tax on the value of the account. Consequently, leaving retirement account funds to a nonprofit can maximize the final value of your gift.
Naming or changing your beneficiary is simple. After checking with your advisors, ask the administrator of your retirement plan for a beneficiary designation form, fill it out, and return it to the administrator.
To find out more, including our tax identification number and other resources regarding planned giving, please email our Planned Giving Coordinator using the form below, or call 1-800-841-7299. Donations to Environment Massachusetts Research and Policy Center are tax-deductible in many circumstances. Please seek the guidance of your attorney or financial advisor when making changes to your estate plan.