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Balance Your Giving While Providing for Your Family

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BalanceIf the largest asset in your estate is your retirement plan, such as a 401(k), IRA, or Keogh, you may be surprised to learn that the IRS will impose income tax on the remaining balance in the account if you designate it to a beneficiary other than your spouse. This tax is in addition to the estate tax that may be imposed on the account. For estates fully subject to the estate tax, the result can be that up to 60 percent of the value of your retirement plan will be consumed in taxes before your child, relative or friend receives it.

There is a sensible charitable alternative: name the Lung Cancer Research Foundation as the beneficiary of your retirement plan, then use other assets not subject to income tax to make gifts to your heirs. the Lung Cancer Research Foundation, as a qualified 501 (c)(3), won't pay income tax on our distribution and your heirs will receive their share of your estate without the burden of extra taxes.

  • No estate tax is due on the retirement plan assets that pass to the Lung Cancer Research Foundation.
  • The gift will qualify your estate for a charitable deduction.
  • The funds may be used to establish a life income trust for a person of your choice.
  • You retain access to all your retirement plan assets during your lifetime.
  • Your donation to the Lung Cancer Research Foundation will reflect your charitable interests.

©2018 Free To Breathe | Lung Cancer Research Foundation | Federal Tax ID #14-1935776 | LCRF is a 501(c)(3) public charity.