Giving Retirement Assets
What will you do with unspent retirement savings?
If you are like most people, you will designate family members as beneficiaries of your retirement accounts. The reality is much of your savings will never go to your loved ones. Your retirement assets actually make a better gift to charity.
How to provide for your loved ones and avoid unnecessary taxes.
Here’s what ends up happening: the designated family member will have to pay a tax on the retirement account that was left to them, reducing the amount of money they end up receiving. The better solution is to give your family the assets that step-up in basis at death such as stock and real estate.
Unlike your retirement assets, these assets may be received and sold by your family without paying any tax. Your retirement assets can make a better gift to charity. This is because a charitable organization like Family Life Radio can receive the entire asset tax-free and make use of it to further our mission of reaching people intentionally for Christ.
Next steps
If you’re planning to take money out of your retirement soon, know that you may have to pay taxes on that income, or the government may force you to take out more than you need. But you’re not in this alone! The Family Life Radio Estate Planning Team is here to help! Let us show you how to avoid paying taxes on your retirement income and how your support can provide hope to others through the ministry of Family Life Radio.
Free resources! Fill out the form below to receive our Gift of Retirement Assets Brochure. It will explain what to do with unspent retirement savings and more.
Contact the Family Life Radio Estate Planning Team today!
Phone: (800) 776-1070
Email: planning@flc.org
Learn more about estate planning and get more free resources here