Planned Giving
Gifts of Retirement Assets
Donating part or all of your unused retirement assets — IRA, 401(k), 403(b), pension or other tax-deferred plan, is an excellent way to make a gift to the Foundation for Appalachian Ohio.
If you are like most people, you probably will not use all of your retirement savings during your lifetime and making a gift of your unused assets will help further FAO's mission and work across the region.
Benefits of Gifting 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 Foundation for Appalachian Ohio, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate FAO as beneficiary, we will benefit from the full value of your gift because your IRA assets will not be taxed at your death and your estate will benefit from an estate tax charitable deduction for the gift.
Additional Information
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 FAO. As a nonprofit charity, we are not taxed upon receiving an IRA or other retirement plan assets.
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.
