Most retirement plans - such as an IRA, 401(k) or 403(b) - are tax deferred until funds are withdrawn. If passed on to loved ones, the tax burden can be significant.
Consider leaving other assets to heirs and use tax-deferred accounts for charitable causes.
- You keep control of accounts as long as you live.
- Beneficiary designations are easy and cost nothing to arrange.
- You can name one beneficiary or several.
- You can change your mind at any time.
- Because LLS is tax-exempt, the entire remaining balance helps save lives.
Obtain a beneficiary designation form from your bank or plan administrator. Forms can often be found online or requested using the contact information on your monthly statement.
Life insurance can be used for charitable giving in several ways:
- Designate LLS as a beneficiary of an existing life policy or insurance annuity. Although there is no immediate tax benefit, it is easy, involves no fees, and can be changed any time.
- Donate a paid-up whole-life policy. Name LLS as policy owner and beneficiary to receive a tax deduction equal to the cash surrender value or cost basis, whichever is less.
- Donate a non-paid-up whole-life policy. When you name LLS as owner and beneficiary, we can elect to continue paying premiums. You can deduct the cash surrender value and take future deductions for gifts to LLS for premium payments.
To better understand the impact your gift could make, listen to the visionary words of our CEO, Dr. Lou DeGennaro.
Get More Information
To find out more about tax and charitable benefits of giving through a Retirement Plan or a Life Insurance Policy, contact Lisa Locher, manager of estate planning at 888-773-9958 or email@example.com.
To read more about Wills, Annuities & Planned Gifts, please access the links below.