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Tax-Advantageous Ways to Gift to Charities: Beneficiary Designations on IRA’s

Retirement Planning

A 30-second read by Nicholas Scheibner:  One of the easiest ways to gift money to a charity in your estate plan is to name the charity as a beneficiary on your IRA or 401(k).  Upon your death, the beneficiary designated on an IRA or 401(k) will receive their percentage of the assets very quickly.  In addition, the designated beneficiary is independent of the will.

If you have an IRA, with $100,000, for example, you can name your children as 80% beneficiaries and a charitable organization as a 20% beneficiary.  When you pass, your children will inherit $80,000 and the charity will receive $20,000.  You can do this very easily by contacting the custodian who holds your investments.  You do not need to update your will in order to name a beneficiary on a retirement account.  

Contact Baron Financial Group to discuss tax-saving gifting strategies.

Disclosure: This material is not intended to be relied upon as a forecast, research, tax or investment advice.  Please consult your financial planning and tax professional for personal advice.