Charitable Foundation
Giving Opportunity: Retirement Plan Assets
Did you know that your retirement plan assets are facing double taxation? If you leave the assets to your heirs, you'll generate "income in respect of a decedent." So not only is the amount diminished by estate taxes, but the recipient also must pay income taxes on it.
If you can make other provisions for your family, there's a better option for your retirement plan assets-a charitable gift.
To implement your wishes, simply advise the plan administrator of your decision and sign whatever form is required. For an IRA or Keogh plan you administer personally, notify the custodian in writing and keep a copy with your valuable papers.
Benefits of a donation of retirement plan assets include:
- Naming White Memorial Medical Center the primary beneficiary avoids all income and estate taxes
- Partial savings when you give us a specific amount before giving your family the remainder
- Naming us the contingent beneficiary allows for greater flexibility
- Donating retirement plan assets could be the most cost-effective gift you can make
If you would like more information about making a gift to the White Memorial Medical Center Charitable Foundation, please call us at (323) 260-5739.
The White Memorial Medical Center Charitable Foundation is licensed by the City of Los Angeles-Police Commission Charitable Services Section to make appeals for charitable donations. If you would like to see a copy of our permit, please contact us.
