Be Forever Generous
Millions of Americans take advantage of generous tax incentives and save for retirement using retirement plans every year. Many of these same people are surprised to learn that these retirement assets - 401(k), 403 (b), IRA, Keogh, or other such account - will be included in the total value of their estate at death for estate tax purposes. If left to a non-spouse beneficiary, these assets are not only subject to estate tax, but their heir(s) will have to pay income tax as they withdraw the funds.
To avoid this "double taxation" - which can add up to be as much as 70% of the asset - simply name the IEEE Foundation as the beneficiary of your retirement plan and use other assets not subject to income tax to make gifts to your heirs. Here are some of the benefits of making a gift from your retirement plan:
Unlike making changes to your Will or Trust, to change the beneficiary of your retirement plan is simple. All you have to do is contact your plan administrator, request a change of beneficiary form, fill it out, and send it in. You will have the option of naming the IEEE Foundation as the primary or contingent beneficiary. Contingent beneficiaries receive the funds if the primary beneficiary, (most often your spouse) predeceases you. To fill out the form, you may need the following information:
IEEE Foundation, Incorporated
Employer Identification Number (EIN):
Join the IEEE Goldsmith Legacy League
If you decide to name the IEEE Foundation as a beneficiary of your retirement plan, we hope you will share the good news with us. This will allow us to thank you for your generosity and recognize you during your lifetime by adding you to the roster of the IEEE Goldsmith Legacy League, the IEEE Foundation's planned giving recognition group. If you prefer to remain anonymous, we will honor your wishes and include you as an anonymous donor.
For more information, or to hold a confidential discussion, please contact:
Stan H. Retif
The information on this site is for educational purposes only and is not intended as legal, tax or investment advice. If you are considering a planned gift to the IEEE Foundation, we highly recommend you consult with your own tax and legal advisors to determine the best options for you.
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