Wills, Trusts, and Annuities

Gifts of Retirement Assets

Give More for Less

 

 

How it works

You name American Heart Association as the whole or partial beneficiary of your IRA, 401(k) or other qualified plan using the beneficiary designation form provided by your financial institution.

You continue to make withdrawals from your account during your lifetime. Any residual left in your account after your passing will flow to the American Heart Association tax-free according to your allocation indicated on your beneficiary designation form.

Legislation passed in 2011 and updated each year gives donors aged 70½ and older an opportunity to direct lifetime distributions from their IRAs to the American Heart Association. This distribution will count toward your required minimum distribution and will not be included in taxable income. You can make contributions totaling up to $100,000 to the American Heart Association and/or other qualified charities. This provision has not been approved for 2014, but please contact us and we'll be happy to keep you updated on the status.

Benefits

  • You can escape both income AND estate tax levied on the residual left in your retirement account by leaving it to the American Heart Association because we are a non-profit organization and do not pay taxes on the transfer. These taxes can eat up to 70% of the principal of your account when transferred to non-charitable heirs.
  • You can continue to take withdrawals during your lifetime.
  • You can designate all or a percentage of your account to the American Heart Association, and can change your beneficiaries at any time. There is no charge to update your beneficiary designation form.
  • Because the assets in your accounts transfer outside of your will, you can support organizations you care about without going through the expense and time of rewriting your will.
  • You can have the satisfaction of knowing that your hard-earned retirement assets will support the American Heart Association when you are gone.

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For more information

Email us, complete the personal illustration form, or contact the charitable estate planning representative in your area so that we can assist you through every step of the process.




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