
IRA Estate Beneficiary
A legacy plan effectively starts now and extends beyond your lifetime as your resources are used to help our LifeWorks participants. Person by person, your legacy plan makes an eternal difference.
Make an end of life tax-free gift
A tax-deferred retirement savings plan like an IRA, 401(k), 403(b), SEP-IRA, SIMPLE IRA, or tax-sheltered annuity allows your money to grow tax-free. The tax is paid when the money is withdrawn during your retirement years and then any remaining funds after your lifetime.
Fortunately, this tax does not apply when transferring the funds to your surviving spouse at the end of your life. However, transfers to your children or anyone else become taxable. Today the tax rate can be as high as 37% plus state tax. This is a very expensive asset to give to family.
On the other hand, an IRA or other retirement account makes a great gift to Jobs Partnership.
- Add Jobs Partnership as the contingent beneficiary, after your spouse, of your retirement account.
- Upon the death of both you and your spouse, the remaining funds would be available to Jobs Partnership to fulfill your intention to help people in life and work.
- Since Jobs Partnership is a charity, the funds are not taxed and the entire amount is put to use in our programs.
- Other assets within your estate can be transferred to family without this heavy loss to taxes.
Additional Information
Contact Us
We're here to help! You may reach our team at 407-641-0755 x115 or send us an email.
Please Note
The information on this website is not intended as legal or tax advice. For such advice, please consult an independent attorney or tax advisor.