Today’s economic environment makes it more important than ever to plan carefully for your economic well being in retirement years. In the face of longer life expectancies and fluctuating returns on investments, planning to meet long-term financial needs can be challenging – and can sometimes require you to balance seemingly conflicting goals. For example, if you enjoy making charitable gifts, how can you continue such gifts while maintaining personal security? With thoughtful retirement planning, you may find you can –
- Help assure a healthy financial future for you and your loved ones
- Benefit from significant tax savings
- Enjoy increased income, asset management, and other economic advantages
- Arrange what may be your charitable “gift of a lifetime”
You can enjoy surprising benefits as part of your retirement planning process. Careful planning can minimize taxes due on retirement plan assets during life and at death. Rather than see retirement assets absorbed to a large extent by taxes, one can direct that such assets be used to fund charitable gifts they would like to make from their estates. This can actually result in more assets being received by loved ones than if retirement assets were left to a family and charitable gifts were made from other funds in the estate. After you have discussed your estate and financial plans with advisors and decided you would like to make a gift from your accumulated retirement assets, the procedure can be simple.
Retirement plan assets offer a variety of gift planning opportunities. Congress has provided many incentives to make gifts using these assets. Donors and advisors should always check for latest statues and regulations prior to completing gifts in this manner. We will be please to assist in any way possible.