Leaving Your IRA to the Beacon Hill Foundation
A Smart and Simple Way to Give
Many people make the mistake of leaving their IRA, 401(k) or other retirement funds to family, and then giving entirely different gifts from their will to charity. In most cases, this is the exact opposite of what should happen.
When you leave your retirement funds to family, you create a taxable event. This gift will be treated as income when they withdraw the funds, and your loved ones will be taxed accordingly.
However, by giving those funds to the Beacon Hill Foundation, you eliminate the tax bill and provide meaningful support for this mission that means so much to you. Then, you can give more tax-efficient gifts from your will to provide for the needs of your loved ones.
How do you give retirement funds to ministry? It’s actually quite simple. You can designate as a beneficiary on the forms provided by your account manager, specifying the amount you want to give.
Is leaving your retirement funds to the Beacon Hill Foundation the right giving option for you? Contact Andi Allen, Foundation Director at email@example.com or call 616-608-8285 to learn more.
Discover Your Best Life at Beacon Hill at Eastgate