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Making a
Charitable Bequest using Retirement Funds
One of the best options for making a charitable bequest to the Essex
County Greenbelt Association is through a direct distribution to
Greenbelt of your retirement funds using the Beneficiary Designation
option of your retirement plan.
A direct distribution using the Beneficiary
Designation can eliminate all federal and state income and estate
taxes on funds gifted to Greenbelt. The choice of retirement funds,
over other types of assets for your charitable bequest, can also
provide one of the most meaningful tax savings for your family and
estate.
In order for this method of making
a bequest be effective, it is essential that the appropriate beneficiary
designation be made in advance with the retirement fund plan administrator,
so that the transfer is made directly to Greenbelt, and the funds
do not enter the estate. If they were to be included in the estate,
they could be subject to federal and state income and estate taxes.
For more information about using
the Beneficiary Designation to leave a charitable bequest to Essex
County Greenbelt, and related issues to be aware of when using this
gift vehicle, please contact Julie
Towne at (978) 768-7241. |
