Ready to take advantage of this tax-smart gift opportunity? Download our FREE guide Make the Most of Your Retirement Plan Assets: Avoid Double Taxation and Support Our Work.
Do you have money saved in an employee retirement plan, IRA or tax-sheltered annuity? Do you know that the value of your account may be subject to federal and state estate taxes at your death? In addition, each of these plans contains income that has yet to be taxed. When a distribution is made from your retirement plan account, your beneficiaries will owe federal income tax in addition to applicable state income taxes at your death. Consider leaving your loved ones less heavily taxed assets and leaving your retirement plan assets to Florida SouthWestern State College Foundation to support our work.
As a nonprofit organization, we are tax-exempt and will receive the full amount of what you designate to us from your plan. You can take advantage of this gift opportunity in several ways:
Name us a beneficiary of your plan. All this requires is updating your beneficiary designation form through your plan administrator. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your plan only if your primary beneficiary doesn't survive you.
With the IRA Charitable Rollover, if you are 70½ years old or older, you can take advantage of a simple way to help those we serve and receive tax benefits in return. You can give up to $100,000 from your IRA directly to a qualified charity such as Florida SouthWestern State College Foundation without having to pay income taxes on the money.
Fund a testamentary charitable remainder trust. When you fund a charitable remainder trust with your heavily taxed retirement plan assets, the trust will receive the proceeds of your plan upon your death. The trust typically pays income to one or more named beneficiaries for life or for a set term of up to 20 years, after which the remaining assets in the trust would go to support FSW. This gift provides excellent tax and income benefits for you while supporting your family and our work.
A donor advised fund. When retirement plan assets pass to your heirs, they can be subject to federal income and estate taxes. This combined income and estate tax burden can be substantial, greatly reducing the value of the intended gift. Instead, you can designate your donor advised fund as the beneficiary of all or a portion of your retirement plan assets. Your fund receives the full amount of the gift and bypasses any federal taxes.