You may be concerned about the high cost of capital gains tax with the sale of an appreciated asset. Perhaps you recently sold property and are looking for a way to save on taxes this year and plan for retirement. A charitable remainder unitrust might offer the solutions you need!
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 St. Vincent-St. Mary High School.
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 help further our mission.
To leave your retirement assets to St. Vincent-St. Mary High School, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate St. Vincent-St. Mary High School as beneficiary, we 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.
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 St. Vincent-St. Mary High School. 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 St. Vincent-St. Mary High School as a beneficiary of your retirement assets. We would like to thank you and recognize you for your gift.