Giving from Your Retirement Plan

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How It Works

Name witf as a beneficiary of your IRA, 401(k), or other qualified plan.  Then designate witf to receive all or a portion of the balance of your plan through your plan administrator.  The balance in your plan will pass to witf after your death.

Benefits

  • You avoid the potential double taxation your retirement savings might face if you designated them to your heirs.
  • You can continue to take regular lifetime withdrawals.
  • You will maintain flexibility that enables you to change beneficiaries if your family's needs change during your lifetime.

Gifts from Your Retirement Plan: FAQs

How do I arrange a gift from my retirement plan?
Simply contact your IRA or retirement plan administrator and request a copy of the Change of Beneficiary Form. You can fill this in as you wish and include witf for a portion or all of the remainder of your plan’s assets.

What are the tax implications of a gift of retirement plan assets?
For gifts at death, any portion of your retirement plan assets that are given to a qualified charity will also qualify for income tax, inheritance tax, and federal and state estate tax deductions as applicable to the size of your estate and your state of domicile. Any assets coming out of your plan to your heirs may be subject to all of the taxes mentioned above.

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