Retirement plan assets designated for heirs may be subject to as much as a 70% tax, which greatly reduces the amount available for your loved ones. Income taxes, as well as estate taxes, contribute to this reduction. Often, other assets are best left for your heirs and retirement assets for your charities. Testamentary life income arrangements can also benefit your heirs and charities while reducing your taxes.
HOW IT WORKS
You name the FOCUS Mission Foundation as a primary beneficiary for all or part of your retirement plan.
You designate a portion for the FOCUS Mission Foundation with the rest going to your family members or other loved ones.
You may also name the FOCUS Mission Foundation as a contingent (secondary) beneficiary of all or part of your retirement plan.
The administrator of the retirement plan can provide the proper forms to sign.
BENEFITS TO YOU
You have the satisfaction of making a significant gift to benefit the FOCUS Mission Foundation.
You avoid estate taxes and income taxes for gifts to the FOCUS Mission Foundation.
You may give to family and the FOCUS Mission Foundation if the FOCUS Mission Foundation receives only a portion of the assets or is named a contingent beneficiary.
You can make the most cost-effective gift possible.
BENEFITS TO THE FOCUS MISSION FOUNDATION
Following your lifetime, your gift will support the work of the FOCUS Mission Foundation.
Often, your gift can be much larger than one you might give during your lifetime.
Note: the correct legal name for use in all documents is: “FOCUS Mission Foundation, a not-for-profit organization located in Genesee,
CO.” The information and suggestions provided in this information sheet are not intended as legal advice. All gift options should be discussed with legal, tax or estate-planning advisors.
Note: the correct legal name for use in all documents is: “FOCUS Mission Foundation, a not-for-profit organization located in Golden, CO.” The information and suggestions provided are not intended as legal advice. All gift options should be discussed with legal, tax or estate-planning advisors.