GIFTS OF RETIREMENT SAVINGS PLAN FUNDS
Tax-deferred savings plans like IRAs, 401Ks, and Keogh Accounts are important for many older people to get through their retirement years. But when we, and our spouses, are gone, any remaining funds in these types of accounts are not only subject to income tax, but estate and possibly inheritance and/or generation-skipping taxes. All of this can add up – in some cases to almost 60%!
It is possible to direct that percentage away from taxes toward something that you care about by designating the Bardavon as a beneficiary of your retirement savings plan. The amount you choose is passed directly to the Bardavon instead of remaining with the estate, and is therefore not subject to income, estate, or any other type of tax.
Most plans allow owners to name their beneficiaries online in a few simple steps. And it can be changed just as easily if your plans change.
With ever-shrinking Federal and State funding for the Arts, this is certainly something to think about – we hope you’ll consider naming the Bardavon as a beneficiary of your retirement savings plan.
For more information contact AnnMarie Faust, Managing Director of Administration, Development & Finance at 845.473.5288 ext.103.
© 2016 Bardavon/UPAC
Last modified: 2013-08-27 18:21:14