Gifts of Retirement Assets
Donating all or part of your unused retirement assets, such as those in your IRA, 401(k), 403(b), or other tax-deferred plan, is an excellent way to make a gift to fund your charitable work at Seattle Foundation or directly fund our community grantmaking work.
No matter how you direct those unused retirement funds, they are wonderful to give to charity, rather than to a family member or other individual. Did you know that 40-60% of your retirement assets may be taxed if you leave them to your heirs at your death? As a 501c3, Seattle Foundation is not taxed upon receiving IRA or other retirement plan assets. You can use the "Make A Future Gift of Retirement Assets" tool (pictured right) to contact your retirement plan custodian and designate a future gift.
Benefits of gifts of retirement assets
- Simplify your planning
- Support the causes that you care about
- Continue using your assets as long as you need them
- Leave tax-advantaged assets from your estate to heirs instead
- Receive potential estate tax savings from an estate tax deduction
How to make a gift of retirement assets
To leave your retirement assets to Seattle Foundation, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate Seattle Foundation as a beneficiary, we will derive benefit from the full value of your gift because your retirement assets will not be taxed at your death. Your estate will also benefit from an estate tax charitable deduction for the gift.
Are you considering a gift of retirement assets to support your philanthropy?
Please get in touch with the Gift Planning team - depending on whether you'd like your retirement assets to fuel an existing Fund, open a new one, or make an outright gift to our community impact work - we want to make sure your intentions are honored with your gift of retirement assets. Connect with us today!