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Gift Planning with Retirement Assets

small dog being held by a woman

Retirement assets are one of the most beneficial gifts you can give to the ASPCA. These funds grow tax-free, until the time of withdrawal. With the innovative use of these assets, you are able to contribute generously to the ASPCA as well as provide for your loved ones. Many taxes on these plans can be avoided or reduced through a carefully planned charitable gift.

Consider these charitable approaches:

  • Outright gift through beneficiary designation

You can name the ASPCA as the beneficiary or contingent beneficiary of your retirement assets after your lifetime. When a retirement account is left to a charity, the organization does not pay any income tax whereas your heirs may pay income tax if they inherit your retirement funds. Your retirement plan’s administrator can provide a beneficiary form for you to name the ASPCA as your sole or partial beneficiary. 

  • Charitable remainder trust after a donor’s lifetime

You can name a trust as the ultimate beneficiary of excess or unused retirement assets. After your lifetime, the trust can provide income to heirs for a period of years, after which time the trust monies can fund charitable endeavors. Since it is a charitable trust, there is more money available to generate income for heirs.

For more information, please contact the Gift Planning Office at (212) 876-7700, ext. 4505, or [email protected].

The material presented in this web site is intended as general educational information on the topics discussed herein and should not be interpreted as legal, financial or tax advice. Please seek the specific advice of your tax advisor, attorney, and/or financial planner to discuss the application of these topics to your individual situation.