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Retirement Plan AssetsYour retirement plan is designed to benefit you during your retirement. However, you may name beneficiaries for your plan in case you pass away with funds still in your account. Along with family, relatives and friends, a charity may also be named as the beneficiary.Retirement fund assets can be great charitable gifts because of the tax implications to your non-charitable beneficiaries. Most retirement plans are income tax-deferred, which means that you are required to pay tax when the funds are distributed. Charitable organizations, like Pacific Northwest Ballet, are tax exempt and not liable for this tax. If you name PNB as a beneficiary of your retirement plan, the full asset of your gift will be used to support PNB. Naming or changing your beneficiary(ies) is easy. Simply contact your plan administrator and request a beneficiary form. In certain situations, it can even be appropriate to withdraw retirement funds to make lifetime gifts. To find out more about naming Pacific Northwest Ballet as a beneficiary in your retirement plan, please contact Lilah Ostmann, Major Gifts Officer, at 206.441.3594 or LOstmann@pnb.org. Back to Planned Giving Révérence Society Endowment |
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