Gifts of Retirement 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 make a gift to the Diocese of Monterey.
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 the mission of the Diocese of Monterey or the Clinch Endowment.
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
- Receive potential estate tax savings from an estate tax deduction
How to make a gift of retirement assets
To leave your retirement assets to the Diocese of Monterey, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate the Diocese of Monterey as beneficiary, we will benefit from the full value of your gift because your IRA assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift.
More on gifts of retirement assets
- Retirement benefits passing to individuals other than a spouse are heavily taxed at death.
- Leaving your remaining retirement benefits to a charity provides you with tax benefits.
- These benefits are very complex so we recommend speaking with your attorney or tax professional to ensure they are structured properly.
Contact us
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 the Diocese of Monterey as a beneficiary of your retirement assets. We would like to thank you and recognize you for your gift.
