What are they?
People who have planned carefully for their retirement may find that the assets in their IRAs and other qualified plans exceed their needs. While there is currently no tax benefit to transferring retirement plan assets, including the annual minimum distribution amount to any charity during your lifetime*, you can designate that assets remaining in the plan after your death are contributed to a donor-advised fund—or to any other gift plan.  This strategy can be far more advantageous than having those assets included in your taxable estate or leaving them to heirs, in which case they may be taxed at a cumulative rate of over 65%.

* the CARE Act, currently moving through Congress, would allow individuals to  transfer retirement plan assets to charity without having to include the amount in their taxable income.

Highlights:

• No estate tax is due on the retirement plan assets that pass to MCF.
  
  
• The gift will qualify your estate for a charitable deduction.
  
  
• The funds may be used to establish a life income trust for a person of your choice.
  
  
• The only document required is a change of beneficiary form, which is available from your plan’s administrator.
  
  
• You retain access to all your retirement plan assets during your lifetime.
  
  
• Your fund at the Foundation will reflect your charitable interests.
  
  
• There is no minimum amount required for this type of gift, and there is no fee to establish a fund.

------------------------------------------------------------------------------------------------ The information on this site is not intended as legal, tax, or investment advice. For such advice, please consult an attorney, tax professional, or investment professional. ------------------------------------------------------------------------------------------------