A Gift by Beneficiary Designation May Reduce Your Taxes
Your IRA can help others with cystic fibrosis reach retirement age and beyond.
Retirement Plan Gift:
Donating through your retirement account is one of the simplest “tax-wise” ways to make a gift to us – and it’s as easy as designating the Cystic Fibrosis Foundation the beneficiary of your pension plan, IRA, 401(k) or self-employed plan.
If you leave your IRA, 401(k) or other qualified plan to family members other than your surviving spouse, they will most likely need to pay income taxes on your gift. Since the Cystic Fibrosis Foundation is a nonprofit organization, we pay no income or estate taxes. This means 100 percent of your designated gift will go to adding more tomorrows and finding a cure for CF.
- Avoid potential estate tax on retirement assets.
- Avoid income tax for your heirs on retirement assets funded on a pre-tax basis.
- Receive potential estate tax savings from an estate tax deduction.
Most people are surprised to learn that the beneficiary form – not your will or trust – directs where assets will go after your lifetime. It is important to update your beneficiary forms regularly to reflect any life changes and your current wishes.
Donate Life Insurance, Certificate of Deposits, Brokerage or Other Financial Accounts. In addition to retirement plans, you can leave a gift from your bank account, brokerage account or life insurance policy to the Cystic Fibrosis Foundation. The process is simple; you only need to submit an updated Designation of Beneficiary Form.
Gifts by Beneficiary Designation
When you make a gift to the Cystic Fibrosis Foundation by Beneficiary Designation, you help add more tomorrows for those with cystic fibrosis. It’s as simple as contacting your financial institution and requesting a beneficiary form to fill out.
- Check your financial statement for the phone number and website.
- Request or download a beneficiary form.
- Designate the Cystic Fibrosis Foundation as partial, sole or contingent beneficiary just as you would name a person. If the Cystic Fibrosis Foundation is a partial beneficiary, the balance will be directed to the other named beneficiaries.
- Provide the Tax ID Number 13-1930701 and the Cystic Fibrosis Foundation address: 6931 Arlington Rd., 2nd Floor, Bethesda, MD 20814.
Consult with your tax advisor and lawyer to determine what planned gift strategy is best for you.
Please contact Tricia Benson, senior director of planned giving, Cystic Fibrosis Foundation, at email@example.com or 240-482-2845 if you have any questions.