Gifts of retirement plan assets
Many people hold a significant percentage of their wealth in their retirement plan accounts, such as a 401(k) plan or IRA. The assets in these accounts grow tax-free over time but have significant built-in tax liability.
Accordingly, a large percentage of the assets in the accounts will be lost to tax if the account is left to someone other than a spouse upon the account owner’s death; however, using these assets for charitable gifts at death can be advantageous for tax purposes.
You can name Steps to HOPE as beneficiary of part or all of your account simply by requesting a form from the plan’s custodian.
Please contact us at 828-894-2340 or firstname.lastname@example.org for more information.