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Gifts of Retirement or Pension Plans How could I benefit from making a gift of my retirement or pension plan? When your retirement plan proceeds or IRA pass to heirs other than your spouse, as much as 80 percent of the assets may be lost to income tax, excise tax, and estate tax! By arranging now to give your pension plan assets or IRAs to fund charity, you can reduce your federal and state death tax and help your beneficiaries avoid federal and state income tax. For large estates, you may be able to avoid the additional 15 percent excise or "success" tax on pension plans and IRAs in excess of $750,000. FOR EXAMPLE, assume Maria Olsen has a $500,000 estate (which includes a $50,000 IRA) at the time she passes away. Through her will, she wants her children to receive $450,000 of the estate and desires to leave a tenth of the estate ($50,000) to INHF. The children will receive a larger legacy (after taxes) if the woman gives INHF the $50,000 IRA instead of a similar portion of the general estate. If the children receive the IRA, they will owe substantial inheritance tax plus income taxes. On the other hand, INHF can receive the IRA tax free, and the children pay no income or capital gains tax on the home, land, stocks, bonds, or CDs they inherit. Where do I begin? Discuss the gift with the INHF staff. Talk to your financial adviser. If you would like more information on planned giving through retirement or pension plans, please e-mail Cheri Grauer, INHF Gift Planner at the Iowa Natural Heritage Foundation or call (800) 475-1846. While Iowa Natural Heritage Foundation makes every effort to give you accurate information, you should also consult your trusted professionals for legal, financial, insurance, or estate planning advice. The INHF staff are not engaged in rendering legal, accounting, or other professional services. Federal Tax ID #42-1127544 © Copyright 2010 Iowa Natural Heritage Foundation Comments? Suggestions? Email INHF Webmaster