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Don't Overlook Retirement Assets in Your Legacy Planning

If you are like most people, you will designate family members as beneficiaries of your retirement accounts. The problem with doing this is that most of your savings will never go to your loved ones. 

Up to 70 percent of your retirement assets may be taxed if you leave them to your heirs at your death. Another option is to leave your heirs assets that receive a step up in basis, such as real estate and stock, and gift the retirement assets to a fund at Truman Heartland Community Foundation. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.

By designating a fund at Truman Heartland as the beneficiary of your IRA or other retirement assets your estate will receive a 100% charitable deduction, saving estate taxes, and avoiding the income taxes on those assets. In most cases, updating your beneficiary designation simply requires a brief form and doesn’t require an amendment to your will or trust, thus saving legal fees.

Including retirement assets in your planning is an easy, tax-efficient way to support the causes you care about as part of your legacy. Contact Shannon Sundberg to learn more about gifting retirement assets to Truman Heartland.

Want to Learn More About Legacy Planning?

Become a member of the Heartland Legacy Society



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