Estate and gift planning through the Boston Foundation is an excellent way to establish your charitable legacy. We offer many avenues to incorporate charitable giving into your estate planning, and we can help you decide which type of gift is right for you.
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 Boston Foundation.
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 support the community for decades, even centuries, to come.
Moreover, if you are 70½+ years old, you may be able to give all or part of your Minimum Required Distribution to charity and thereby avoid paying income taxes on that amount, up to $105,000. There are some stipulations, such as that these contributions cannot go to a Donor Advised Fund, so please contact us and/or you can learn more in this video:
To leave your retirement assets to the Boston Foundation, you will need to notify your plan administrator that you would like to name "the Boston Foundation, Inc." (tax ID 04 2104021) as a retirement plan beneficiary. Your estate, if taxable, will benefit from an estate tax charitable deduction for the gift.
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 the Boston Foundation. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.
