Pass It On
Consider a Donation of Retirement Assets
Take advantage of this tax-smart gift opportunity. Download our FREE guide Make the Most of Your Retirement Plan Assets: Avoid Double Taxation and Support Our Work.View My Guide
Retirement plan assets are a great way to support the work at Latin School because they not only help support the mission, but they also can provide tax relief for your loved ones.
Money in an employee retirement plan, IRA or tax-sheltered annuity may be subject to federal and state estate taxes. In addition, each of these plans contains income that has yet to be taxed. When a distribution is made from your retirement plan account to a beneficiary, that person will owe federal income tax in addition to applicable state income taxes.
Consider leaving your loved ones less heavily taxed assets and leaving your retirement plan assets to Latin School to support our work. As a nonprofit organization, we are tax-exempt and will receive the full amount of what you designate to us from your plan. You can take advantage of this gift opportunity in the following ways:
Name us a beneficiary of your plan.This requires you to update your beneficiary designation form through your plan administrator. Here you can designate Latin School as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your plan only if your primary beneficiary doesn't survive you.
Fund a testamentary charitable remainder trust. When you fund a charitable remainder trust with your heavily taxed retirement plan assets, the trust will receive the proceeds of your plan. The trust typically pays income to one or more named beneficiaries for life or for a set term of up to 20 years, after which the remaining assets in the trust would go to support the Latin School. This gift provides excellent tax and income benefits for you while supporting your family and our work.
A donor advised fund.When retirement plan assets pass to your heirs, they can be subject to federal income and estate taxes. This combined income and estate tax burden can be substantial, greatly reducing the value of the intended gift. Instead, you can designate your donor advised fund as the beneficiary of all or a portion of your retirement plan assets. Your fund receives the full amount of the gift and bypasses any federal taxes.
- Contact Anne Hobbs at 312.582.6042 or email@example.com for additional information.
- Seek the advice of your financial or legal advisor.
- If you include Latin School in your plans, please use our legal name and federal tax ID.
Legal Name: Latin School of Chicago
Address: Chicago, IL
Federal Tax ID Number: #36-2258525