Retirement Plans

What it Means

Many people are now investing in Retirement Plans—such as 401(k), IRA, Keogh or other such accounts and these accounts may be a large portion of your estate. When giving, retirement accounts are liable for both income and estate taxes, and these accounts are taxed to one's heirs more heavily than any other asset (losing up to 70% of their value to taxes). Since retirement accounts are less valuable to heirs than they are to the Asbury Foundation, this is a great way to give to the Asbury Foundation and leave other assets to family.

How It Works

1. You name the Asbury Foundation as the beneficiary of your IRA, 401(k) or other qualified plan
2. Any residual left in your plan when you die passes to the Asbury Foundation, tax-free

Benefits

Allows you to….

• Escape both income AND estate tax levied on the residual left in your retirement account by leaving it to the Red Cross
• Continue to take withdrawals during your lifetime
• Change your beneficiary if your circumstances change
• Elect to leave retirement plan assets to the Asbury Foundation through your will or revocable trust instead
• Apply the full amount of plan assets to the ministry of your choice
• Have peace of mind in knowing that you will continue to support Asbury in the way you intended when you are gone

The content provided on The Asbury Foundation site is not offered as legal or tax advice. Examples of tax benefits may or may not apply to your own situation at the time of your gift. The Asbury Foundation urges donors to seek the advice of a tax advisor, attorney, and/or financial planner to make certain a contemplated gift fits well into your overall circumstances and planning. All material is presented solely as educational information and is not a solicitation or offer.