What's a Retirement Plan Gift?
(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 a Beneficiary
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 for help.
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 distribution.
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 1360 Greg St. Suite 111/112, Sparks, NV 89431.
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.