Retirement Assets

Retirement assets are often gifted to charities because they are so heavily taxed. Certainly, if an individual has charitable intent, retirement assets are generally the first assets gifted from an estate. If the assets are in your estate, they are subject to both income and estate tax and for very large estates, an excise tax. The assets used during your lifetime are subject to income tax.

From time to time, the IRS allows tax deductions for lifetime gifts from retirement assets. Check with your tax advisor about current tax law.

Example:

You make the South Dakota Parks and Wildlife Foundation the beneficiary of some of your retirement assets either through your estate plan (will) or through the asset administrator.

Benefits include:

The donor avoids several types of taxes on the gift from his/her estate.
The donor provides generous support to the South Dakota Parks and Wildlife Foundation.

Any calculations or examples are for illustration purposes only and should not be considered legal, accounting, or other professional advice.

For more information, contact the Foundation.