Retirement Plan Gifts
(including IRA, 401(k), 403(b), & others)
Did you know that retirement plan assets
may be taxed at rates in excess of 70%? One of the simplest and
most “tax-wise” ways to make a gift to charity is through your IRA,
401(k), 403(b) or other retirement plan. Why? Considerable taxes
may result when your retirement plan is distributed directly to
an estate or to heirs.
Gifts from a retirement plan passing after
an individual’s lifetime to a charity offer avoidance of federal
estate taxes on the value of the assets going to charity and as
a result your heirs will not be subject to federal, and possibly
state, income taxes on retirement plan assets. A gift of some or
all of these plan assets could be your lowest cost method to support
the work of Friends of Nevada Wilderness.
In addition to retirements plan gifts, you
can leave a legacy gift by naming Friends of Nevada Wilderness as
a beneficiary or partial beneficiary for any other accounts that
require a beneficiary form such as life insurance policies, health
savings plans, travel insurance, etc.
How to Name Friends of Nevada Wilderness as
Remember, you must designate your charitable
beneficiary, Friends of Nevada Wilderness on the specific beneficiary
form required by your policy or plan in order to get tax savings
and leverage your gift.
Most retirement plan websites have a “beneficiary
designation” form that you can download, fill out, and fax back.
If no form is on their web site, contact your plan administrator
Remember, the instructions that plan administrator
has will be the ones that are followed when the time comes regardless
of what is in your will. Also, by using the beneficiary designation
form, the percentage you designate goes directly to charity and
no income tax is due. If your fund is made payable to your estate,
unpaid income taxes will be due and must be paid before any other
Legal designation. For gifts that
will take effect after your lifetime, Friends of Nevada Wilderness
should be should be named as: Friends of Nevada Wilderness, a
nonprofit corporation, organized and existing under the laws of
the State of Nevada and with the principal business address of 1
Booth St., Reno, NV 89509.
Designation with Limited Space. Sometimes
a beneficiary form does not have enough room to write the full legal
description. If that is the case you may simply write the following:
Friends of Nevada Wilderness
Tax ID #: 88-0211763
We'd Like to Say Thanks
If you include us as a beneficiary, we
hope you will share this with us. We would love to acknowledge your
invaluable support. We want to talk with you so that when the time
comes, we can make sure we do exactly as you wish.
Mark Saylor (1960 – 2006)
“When you see your time on Earth coming to an
end, you think about what matters most to you,” he said a few months
before his death. “Wilderness is fun and inspiring, and I like the
idea of leaving something to a group I believe in.” When Friends
of Nevada Wilderness was founded in 1984, Mark Saylor was there.
He loved Nevada’s wild places passionately and worked tirelessly
to protect them.
When Mark knew he was battling cancer he made
Friends of Nevada Wilderness a beneficiary on his IRA.
Catherine Smith (1933 – 2009)
Catherine Smith was a passionate advocate for Nevada wilderness
and for protecting our wild lands. In Marge Sill's words, “she loved the
outdoors, and many of us cherished every opportunity to hike with her or to hear her
play the flute around the campfire.”
In June 2009, just a short time before her death, Catherine
participated in Friends' Sheldon Rendezvous. The Sheldon National Wildlife
Refuge was one of her favorite places, and she greatly enjoyed the event.
Her lifelong commitment to protecting the wild places she cared
for is exemplified by the generous legacy gift she made to Friends of Nevada Wilderness.
Something to Ponder