Gifts of Retirement Assets
Donating part or all of your unused retirement assets, such as your IRA, 401(k), 403(b), pension, or other tax-deferred plan, is an excellent way to support your favorite causes and organizations through the Community Foundation of Louisville.
You can make a gift of your unused retirement assets to make a big difference in your community.
Benefits of gifts of retirement assets
- Prevent potential estate tax on retirement assets
- Alleviate income tax your heirs could receive on any retirement assets funded on a pre-tax basis
- Receive potential estate tax savings from an estate tax deduction
How to make a gift of retirement assets
To leave your retirement assets to the Community Foundation of Louisville, complete a beneficiary designation form provided by your retirement plan custodian. If you designate the Community Foundation of Louisville as beneficiary, your fund will benefit from the full value of your gift because your IRA assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift.
More on gifts of retirement assets
Did you know that 60%-70% of your retirement assets may be taxed if you leave them to your heirs at your death? Another option is to leave your heirs assets that receive a step up in basis, such as real estate and stock, and give the retirement assets to the Community Foundation of Louisville to add to the charitable fund(s) you designate. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets. Your heirs may even be able to advise the charitable fund(s) you contribute to, leaving them to continue your legacy of generosity.
Contact us
If you have any questions about gifts of retirement assets, please contact us. Our experienced team is happy to assist you and answer any questions that you have.
Please let us know if you have already included the Community Foundation of Louisville as a beneficiary of your retirement assets so we can ensure we have all the necessary documentation on file to support your charitable intentions after your lifetime.
