Gifts from Your Retirement Plan: FAQs
How do I arrange a gift from my retirement plan?Layer Closed
Simply contact your IRA or retirement plan administrator and request a copy of the Change of Beneficiary Form. You can fill this in as you wish and include Mercy Medical Center Merced Foundation for a portion or all of the remainder of your plan’s assets.
What are the tax implications of a gift of retirement plan assets?Layer Closed
When you designate Mercy Medical Center Merced Foundation as the beneficiary for all or part of your qualified retirement plan assets, those assets pass to us free of any tax. However, when these assets are passed to your heirs (other than your surviving spouse), they are subject to federal income tax and may also be subject to federal estate tax (depending upon the value of your estate) as well as various state income, inheritance and estate taxes. Because retirement plan assets are typically the most highly taxed assets when you pass on, they are the ideal choice for charitable gifts, designating other assets to your heirs.
Download a brochure on this topic:
- Contact us so we can assist you through every step.