A gift of your retirement assets (e.g. IRA, 401k, 403b, pension), can be an excellent way to support the ministry of Food for the Hungry. Most people who have saved retirement assets do not completely use them up during their lifetime. The unused portion of your retirement savings will likely account for a significant portion of your estate. So it represents a significant opportunity for giving either now or once you no longer need them.
If you are over age 71, consider the advantages of having some of your IRA's required minimum distribution go towards your giving this year. Click here to see how an IRA Charitable Rollover might be smarter than giving cash - and it's easy too!
Making Gifts Later
Retirement Assets may be ideal to give once you no longer need them.
Did you know that your heirs may lose 30%-60% of your retirement asset's value to taxes when transferred at death? Out of all your assets, it's the retirement assets that will probably be taxed the most when they pass to family heirs. So, if you plan to be charitable in your legacy arrangements, why not gift to your heirs other assets, assets that receive a step up in basis (such as real estate and stock) and give the retirement assets to your favorite charities? As a qualified charity, Food for the Hungry is not taxed upon receiving an IRA or other retirement plan assets. So we can pour 100% of the asset into bringing transformation to the most vulnerable.
Help end hunger later with a gift from these retirement assets after you no longer need them!
Arranging a Legacy Gift from your Retirement Account
It's very easy! You can arrange to gift any portion of your retirement account assets that remain at your death. Simply ask your retirement plan administrator for a "beneficiary designation form" or complete it from their website. Complete and submit that simple form and it's all taken care of.
By designating Food for the Hungry as beneficiary, the outstanding income tax on it will be avoided, plus your estate may benefit from an estate tax charitable deduction for the gift.