Gifts of Retirement Assets
Did you know that 60%-70% of your retirement assets may be taxed if you leave them to your heirs at your death? Another option is to leave your heirs assets that receive a step up in basis, such as real estate and stock, and give the retirement assets to Hillsdale College. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.
Donating part or all of your unused retirement assets, such as your IRA, 401(K), 403 (b), pension or other tax-deferred plan, is an excellent way to support the work of Hillsdale College.
If you are like most people, you probably will not use all of your retirement assets during your lifetime. You can make a gift of your unused retirement assets to help further our mission.
Benefits of gifts of retirement assets
- Avoid potential estate tax on retirement assets
- Your heirs would avoid income tax on any retirement assets funded on a pre-tax basis
- Create a lasting legacy to freedom at Hillsdale College
How to make a gift of retirement assets
To leave your retirement assets to Hillsdale College, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate Hillsdale College as beneficiary, we will receive the full value of your gift undiminished by estate or income taxes You will also receive an estate tax deduction for the value of your gift, thus reducing the possibility of "death" taxation after your passing.
If you have any questions about gifts of retirement assets, please contact us. We would be happy to assist you and answer any questions that you have.
Please let us know if you have already included Hillsdale College as a beneficiary of your retirement assets. We would like to thank you for your gift.