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 support United Methodist Foundation of West Virginia.
The best way to leave your retirement assets to United Methodist Foundation of West Virginia is to complete a beneficiary designation form provided by your retirement plan custodian. Consider designating United Methodist Foundation of West Virginia as beneficiary, and creating a separate endowment agreement with us specifying the church and other charities you want to benefit from endowment distributions. The charitable ministry you support will benefit from the full value of your gift because your IRA assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift.
Your retirement assets may be taxed if you leave them to your heirs at your death. Consider leaving your heirs assets that receive a step up in basis, such as real estate and stock, and give the retirement assets to United Methodist Foundation of West Virginia. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.
If you have any questions about gifts of retirement assets, please contact us. We would be happy to assist you and answer any questions that you have.
Please let us know if you have already included United Methodist Foundation of West Virginia as a beneficiary of your retirement assets. We would like to thank you and recognize you for your gift.
