Gifts of Retirement Assets
Donating part or all of your unused retirement assets, such as your IRA, 401(k), 403(b), pension or other tax-deferred plan, is an easy and tax wise way to make a gift to the Greater Miami Jewish Federation.
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 strengthen our Jewish community.
Benefits of gifts of retirement assets
- Heirs avoid paying estate and income taxes on the assets left in your retirement account
- Easy to create and modify using the beneficiary designation form
- Establishes an endowment separate from family money, will or estate plan
How to make a gift of retirement assets
To leave a percentage of your retirement assets to the Greater Miami Jewish Federation, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate the Greater Miami Jewish Federation as a beneficiary, we will benefit from the full value of your gift because your IRA assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift.
Your legacy commitment is complete once you fill out the form and return it to the appropriate financial institution or specific advisor and provide a copy to the Foundation of the Greater Miami Jewish Federation.
More on gifts of retirement assets
Did you know that 40%-70% of your retirement assets may be taxed if you leave them to your heirs at your death? Another option is to leave your heirs assets that receive a step up in basis, such as real estate and stock, and give the retirement assets to the Greater Miami Jewish Federation. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.
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 Greater Miami Jewish Federation as a beneficiary of your retirement assets. We would like to thank you and recognize you for your gift.