Life Insurance & Retirement Assets

You make a bequest to the Foundation of your Life Insurance Policy and Retirement Assets such as IRA, 401k, 403b, pension or other tax deferred plan.

Life Insurance & Retirement Assets Video
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What's the Need?

  • You have a paid-up life insurance policy where no one needs the proceeds.
  • You want to make gifts to your family and the Foundation and avoid taxing your heirs and estate. Note: If you give your retirement plan assets to your children 60-65% may be taxed.
  • You want to provide a large gift that would benefit the Foundation but also make sure that your heirs benefit as well.

What's the Solution?

  • You can designate the Foundation as the beneficiary of your life insurance policy or high-tax retirement plan assets. With this, you could give your heirs your low-tax assets that step up in basis at death.

The Benefits

  • Tax Savings
    - Your family avoids additional income tax.
    - If you have a taxable estate, it could enjoy estate tax savings.
    - For Life Insurance Policy, proceeds distributed to the Foundation are exempt from estate tax. This would benefit your heirs as well.
  • Preserves Lifetime Use
    - You may continue to take withdrawals from your retirement accounts during your lifetime.