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There is a sensible charitable alternative: name the the Church as the beneficiary of your retirement plan, then use other assets not subject to income tax to make gifts to your heirs. The Church won't pay income tax on the distribution and your heirs will receive their share of your estate without the burden of extra taxes. To learn more about gifts from retirement plans, email us, complete the personal illustration form, or call us at 417-866-0841 so that we can assist you.
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If the largest asset in your estate is your retirement plan -- your 401(k), IRA, Keough, or other such accounts -- you may be surprised to learn that the IRS will impose income tax on any balance that you direct to a non-spouse beneficiary. This tax is in addition to the estate tax that may be imposed on the account. For estates fully subject to the estate tax, the result can be that 75 percent of the value of your retirement plan will be consumed in taxes before your child, relative or friend receives it.