Donating part or all of your unused retirement assets such as a gift from your IRA, 401(k), 403(b), pension or other tax-deferred plan is an excellent way to make a gift.
Gifts of Retirement Assets
If you are like most people, you probably will not use all of your retirement assets during your lifetime. You can make a gift of your unused retirement assets to help further benefit our community through the PACF.
Benefits of Gifts of Retirement Assets
- Avoid potential estate tax on retirement assets
- Your heirs would avoid income tax on any retirement assets funded on a pre-tax basis
- Receive potential estate tax savings from an estate tax deduction
How to Make a Gift of Retirement Assets
Did you know that 60%-70% of your retirement assets may be taxed if you leave them to your heirs at your death? As a charity, we are not taxed upon receiving an IRA or other retirement plan assets. To leave your retirement assets to the Parkersburg Area Community Foundation, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate the Foundation as beneficiary, we will benefit from the full value of your gift because your IRA assets will not be taxed at your death and your estate will benefit from an estate tax charitable deduction for the gift.
If you have any questions about gifts of retirement assets, please contact us. We would be happy to assist you and answer any questions that you have.
Please let us know if you have already included the Parkersburg Area Community Foundation as a beneficiary of your retirement assets as we would like to thank you and recognize you for your gift.
You may be looking for a way to make a big difference to help further our mission. If you are 70½ or older, an IRA charitable rollover is a way you can help continue our work and benefit this year.
Benefits of an IRA Charitable Rollover
- Avoid taxes on transfers of up to $100,000 from your IRA to the PACF.
- Make a gift that is not subject to the deduction limits on charitable gifts.
- Help further the work and mission of our organization.
How an IRA Charitable Rollover Gift Works
- Contact your IRA plan administrator to make a gift from your IRA to the PACF.
- Your IRA funds will be directly transferred to our organization to help continue our important work. Your gift can be used to build a fund, support a fund, or support the Foundation broadly.
- Please note that IRA charitable rollover gifts do not qualify for a charitable deduction.
- Please contact us if you wish for your gift to be used for a specific purpose.
If you have any questions about an IRA charitable rollover gift, please contact us. We would be happy to assist you and answer any questions you might have.
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Development and Communications Officer 304.428.4438