| |
Gifts from Retirement Plans
If the largest asset in your estate is your Retirement Plan – your 401(k), IRA, Keogh, or other such accounts – you may be surprised to learn that the IRS will impose income tax on any balance that you direct to a non-spousal beneficiary. This tax is in addition to the estate tax that will be imposed on the account. For estates subject to the estate tax, 70 percent or more of your retirement plan value may be consumed in taxes before your child, relative or friend receives it. There is a sensible charitable alternative: name Soroptimist as the beneficiary of your retirement plan, with other assets not subject to income tax passing to your heirs. We won't pay income tax on our gift and your heirs will receive their share of your estate without the burden of extra taxes. More To learn more about Gifts of Retirement Plans, Email us, complete the Information Request form, or call us at (215) 893-9000 so that we can assist you. |
|
