Retirement accounts - such as an IRA, 401(k) or 403(b) - can be meaningful assets for some people. But when remaining balances after lifetime are left to someone other than your spouse, these tax-deferred accounts shrink because taxes are due. As a tax-smart idea, you might consider leaving other assets to family and friends and naming favored charitable causes as beneficiaries in retirement accounts. Using a single beneficiary designation form, you can indicate charities as primary or contingent beneficiaries for whatever portion you wish. It costs you nothing and the entire account is available to you as long as you live. Most importantly, your eventual gift will support life-saving research just as others in the past have done for us.
Want to know more? Or want to specify how your future donation might be used? Contact Richard Schneyer, vice president of development at Legacy@LLS.org or at 1-888-773-9958.