Retirement-plan benefits often make an excellent choice for funding a testamentary charitable gift to the Archdiocese. Not only will such a gift escape federal income tax, but it will also avoid any potential federal estate tax. This combination of income taxes and estate taxes could result in a tax hit of more than 62% of the retirement-plan benefits.
If, for example, you have designated your children to be the beneficiaries of $100,000 of your retirement-plan benefits, and your estate is subject to federal estate taxes, your children could lose $40,000 to federal estate taxes and as much as an additional $22,200 to federal income taxes for a total reduction in benefits of $62,200. If, however, you designate the Archdiocese as the beneficiary of that $100,000, the full amount will pass to us with no reduction in benefits.
How It Works
- You name the Archdiocese as beneficiary for part or all of your retirement-plan benefits
- Funds are transferred by plan administrator at your death
- No federal income tax is due on the funds that pass to the Archdiocese
- No federal estate tax on the funds
- You make a significant gift for the programs you support at the Archdiocese
Special note: Call or e-mail us to tell us of your intent, and we will assist you with the details of the transfer.
- Request an eBrochure: Request an eBrochure with more information about this gift.
- Which Gift Is Right for You? Find out which gifts match you best with our Life Stage Gift Planner™.
|Planned Giving Office
|Archdiocese of New York
1011 First Avenue
New York, NY 10022
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