Beneffiting AHA through a qualified retirement plan

Beneffiting AHA through a qualified retirement plan

Leaving your retirement plan or IRA to the Academy of Holy Angles is a tax-wise gift and an excellent source of assets to fund bequests.  By naming the Academy of Holy Angels as the recipient of your retirement plan after your lifetime (or as a contingent beneficiary after the death of your spouse and/or dependants), you are able to avoid all estate and income taxes on those assets, therefore passing the funds to the Academy of Holy Angels tax-free. 

Under current tax-law, distributions from qualified retirement plans generally must be reported by the recipient as taxable income.  Additionally, in some cases, the balance may be subject to heavy estate taxes, leaving less than 30 percent of the original assets to the recipient.  As the beneficiary of your retirement plan, the Academy of Holy Angels would have the advantage of utilizing 100 percent of the plan's balance, since the apportionment would avert both income and estate taxes.

If you would like your spouse or children to remain beneficiaries of your retirement plan, you still have the option to include the Academy of Holy Angles as a beneficiary of a specified portion of your assets.  Upon your death, the plan's administrator can allocate the said portion of that account to the Academy of Holy Angles without affecting your family's share.

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