of
your retirement
plan is not
only easy
to do, it
is also a
way to make
a significant
and lasting
gift to our
community
that may not
be possible
during your
lifetime.
How
it works
• You
designate the
Del Mar Foundation
as a full or
partial beneficiary
of your qualified
retirement
plan using a
form supplied
by the policyunderwriter
or plan administrator.
• When
you are no
longer living,
the benefit
comes to the
Del Mar Foundation.
Your gift is
recognized in
the Legacy Society
in your name,
in the name
of your family,
or in honor
of any person
or organization
you choose.
• We
handle all
the administrative
details.
• Your
gift can be
placed into
an endowment
that is invested
over time.
Earnings from
your fund are
used to make
grants addressing
community needs.
Your gift is
a permanent
source of community
capital, helping
to do good work
forever.
IRA
Charitable
Rollover
Through
2009,
people
age 70½ and
older
can transfer
up to
$100,000
of IRA
assets
to public
charities
including
the Del
Mar Foundation,
without
triggering
federal
income
taxes
today or
estate
tax in
the future.
If married,
each spouse
is eligible
for the
tax-free
IRA transfer.
Contact
us at:
info@delmarfoundation.org
or 858-633-1366
to discuss
this opportunity
before
it expires. |
More
benefits
If
you are concerned
with potentially
high estate
taxes, the charitable
beneficiary
designation
is a good choice
because the
benefit payment
is generally
excluded from
your estate
for tax purposes.
And, because
you may change
the beneficiary
designation
at any time,
your decision
is revocable.
One
of the most
tax-efficient
ways to give
back to your
community is
by designating
the Del Mar
Foundation as
a beneficiary
of your retirement
plan, whether
it is a 401(k),
403(b), IRA
(individual
retirement account),
or other qualified
retirement program.
These assets
could be taxed
at rates as
high as 70 percent
upon your death.
Estate taxes
may be due in
addition to
the taxes your
heirs may pay
on the income
in respect of
the decedent
(IRD). For these
reasons, many
advisors recommend
retirement plan
assets as the
first to be
designated for
charitable purposes.
Although
your retirement
plan beneficiary
form overrides
your will, it
is important
that both documents
are up-to-date
and consistent. |
 |
A
safe way to make
a big impact
Fran
and Mark Greene
care deeply
about their
family and
Del Mar. So,
they turned
to their professional
advisor for
guidance in
fulfilling
their desires
to ensure that
their children
are taken care
of and a charitable
legacy is left
to their community.
When they learned
that retirement
assets are
often subject
to two taxes
(income and
estate tax)
that could
reduce
the value of
those assets
by up to 70%
if left to
their children,
they quickly
determined
that these assets
would be best
designated
for charity.
By
naming
the Del Mar
Foundation
as a beneficiary
of the retirement
assets, they
would be assured
that their
gift would be
paid directly
to the foundation
and would not
be subject
to income or
estate taxes.
They also knew
that every dollar
(rather than
only a small
percentage)
would be preserved
for the community
they love. “It
made sense
to our family
to handle our
retirement
assets in this
manner. It
is an easy
and gratifying
way to leave
a legacy to
our community,”
says
Fran.
This
is a donor scenario,
a realistic composite
of giving stories.
It is not an actual
Del Mar donor
story.
Print
Version
Click
here for a pdf
version of this
page, suitable
for printing. |
charitable
beneficiary