Designate and Donate - Retirement Plan

Ask the plan custodian for a TOD (Transfer on Death) form. Some companies also call these forms beneficiary designation forms.

Find out more about designating and donating a portion or your entire retirement plan. 

Expand here for details:

How It Works

  • Contact the plan custodian or account holder about a TOD (Transfer on Death) or beneficiary designation form.

  • Designate LLBN to receive all or a portion of the assets held in the retirement plan.

Benefits

  • Avoid the potential double taxation your retirement savings would face if you designated these savings to your heirs.

  • Continue to take regular lifetime withdrawals.

  • Maintain flexibility to change designation if your family's needs change during your lifetime.

More Details: If the largest asset in your estate is your retirement plan, such as a 401(k), IRA, or Keogh plan, you may be surprised to learn that the IRS will impose income tax on the remaining balance in the account if you designate it to any other beneficiary, including your spouse.

This tax is in addition to the estate tax that may be imposed on the account. For estates fully subject to the estate tax, the result can be that up to 60 percent of the value of your retirement plan will be consumed in taxes before your child, relative, or friend receives it.

There is a sensible charitable alternative

Name LLBN as the beneficiary of your retirement plan, and then use other assets not subject to income tax to make gifts to your heirs. LLBN, as a qualified non-profit, won't pay income tax on our distribution and your heirs will receive their share of your estate without the burden of extra taxes.

Retirement Accounts: A Wise Charitable Gift

Planning for retirement is critical to your financial well-being. If you are reading this section, chances are you planned well but you also know that life is unpredictable. The good news is that you can make a significant gift to LLBN with retirement plan assets without adverse effects to your lifetime finances. In fact, leaving retirement plan assets to LLBN can be one of the best financial decisions you can make. Here's why.

Traditional retirement plans such as Individual Retirement Accounts, 401 (k) and 403 (b) plans are funded with pre-tax dollars. The contributions and earnings that you make to this account are not subject to income tax. When you reach the age of 59½, you can take money out of your retirement account without penalty, but you do have to pay ordinary income tax on the distributions. If funds remain in the account after you pass away, be aware that your heirs may have to pay inheritance and estate taxes in addition to income taxes. Depending on the size of your estate, these combined taxes can be as much as 60% of the remaining account balance. Don't make this mistake! Consider leaving Retirement Plan Assets to LLBN. Whatever portion of the assets are left to charity will be exempt from income, inheritance and estate taxes.

When planning to support LLBN and leave assets to loved ones, make certain that you leave your pre-tax assets to qualified charities and your other assets to your loved ones. This strategy assures that your heirs pay less tax on the assets that they receive.

Contact your account manager or representative today and complete the beneficiary designation forms to maximize the tax savings, take care of your loved ones and leave a legacy at LLBN that will help finish the work of spreading the gospel and hasten His return.

NOTE:

The information contained in this website is not intended as a substitute for tax or legal advise. LLBN encourages you to consult with your financial advisor, tax accountant, and attorney for legal advise specific to your situation.

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