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Did you know that nearly half your retirement plan assets can be eaten away by taxes at your death?
Qualified retirement plans may save you taxation dollars during your lifetime, but unless you do some special planning, your heirs will be hit with both income and estate taxes to cover. After you've provided for your family, consider using the remainder of your retirement plan assets to fulfill your philanthropic objectives. Your charitable gift would make a meaningful contribution to the Society, and would also offer valuable advantages to you.
You may find it most tax wise to name the National Geographic Society as the beneficiary for all or part of your retirement account, leaving other less heavily taxed assets to heirs. Retirement-plan assets are distributed outside of probate and are entirely free from U.S. federal estate and income tax when the National Geographic Society is named as the beneficiary.
Benefits
- Naming the Society as the primary beneficiary lets your heirs avoid income and estate taxes.
- You may receive partial tax savings when you give the Society a specific amount before giving the remainder to family.
- Naming the Society the contingent beneficiary allows for greater flexibility when other beneficiaries predecease you.
- Donating retirement-plan assets could be the most cost-effective gift you can make.
To implement your wishes, simply advise the plan administrator of your decision and sign the required form(s). For an IRA or Keogh plan you administer personally, notify the custodian in writing and keep a copy with your valuable papers. Here's how you might list us on your retirement plan beneficiary form: "National Geographic Society, 1145 17th Street NW, Washington, DC 20036,
Tax ID # 53-0193519."
Click here to see a donor story about gifts of Retirement Assets.
The information on our Web site is not intended as financial or legal advice. Please consult your own qualified advisers as you consider philanthropic gifts.
