Retirement Plans
You can maximize a retirement plan's benefit by naming The Leukemia & Lymphoma Society (LLS) as a beneficiary and leaving a legacy that will help people living with blood cancers.
Most retirement plans - individual retirement accounts, 401(k) plans, 403(b) plans, Keogh and SEP - are tax deferred, which means that tax must be paid at the time funds are withdrawn. This is true when they are passed on to loved ones. As a result, they become a tax burden.
Instead, consider leaving other less-heavily taxed assets to your heirs and designate LLS as a charitable beneficiary of your retirement plan. Because we are tax-exempt, 100 percent of your gift will go to leaving a legacy that will help people living with blood cancers.
Designating LLS as a beneficiary of your retirement plan is easy and costs nothing. Simply obtain a beneficiary designation form from your bank or plan administrator. Forms can often be found online and can be requested using the contact information on your monthly statement.
Making a Gift from Your IRA Required Minimum Distribution
Donors who are at least 70 years old may be able to use a traditional or Roth IRA for charitable giving. Consider this gift if you're 70 or older and are:
- a retiree who must pay taxes on Social Security
- a taxpayer who takes the standard deduction
- an individual who will need to reduce taxable income and maintain a lower tax bracket
- a donor subject to deduction limitations, which can reduce tax savings
- someone with one or more IRAs that will be subject to estate and income taxes
This giving option, which has been made available in recent years, is subject to change. Please contact our Planned Giving staff at 1-888-773-9958 for the current status.
Using a Charitable Remainder Trust with a Retirement Plan
You can leave retirement plan assets to a charitable remainder trust to benefit a surviving spouse or children. This avoids an income tax liability and generates a partial estate tax deduction when the trust matures and the remainder is paid to named charitable beneficiaries.
The Legacy Circle
Become an honored member of The Legacy Circle when you name LLS in your retirement plan or trust.
Get More Information
Our Planned Giving office exists to serve you and your advisors as you consider your support for LLS. We would be pleased to meet with you, speak by telephone or exchange email messages - it's up to you! Contact Lisa Locher, Planned Giving Manager, at 1-888-773-9958 or Lisa.Locher@lls.org.
