Retirement Assets and IRAs

Deciding to leave a legacy, and to whom to leave it are just a part of overall estate planning; you will also need to think about how much to give and from what personal resources your gift will come from. Individual retirement accounts (IRAs), 401 (k) and 403 (b) plans, as well as other similar retirement saving vehicles are excellent resources for charitable giving. The catch is that once you are 70 ½ years old you must take some funds out, and then of course you have to pay taxes on those funds. What happens if you really don’t need the funds? Well, you still need to make the withdrawal. Many people circumvent the paying of taxes on their withdrawals by making a charitable donation – it’s another “win – win” situation.

Now, what happens if you need the funds from those required withdrawals to make ends meet for right now? Can you still use these accounts for charitable giving? Yes! A retirement account can include the School Sisters of Notre Dame as a primary or secondary beneficiary, with the potential of saving your heirs inheritance tax consequences.

Talk with your family, your financial advisor and your attorney to chart the best plan for you, one that you are comfortable and satisfied with.

Bless you for considering this option of support to the School Sisters of Notre Dame.