You benefit from your retirement plans as long as you live. After that, who gets the remainder?
Of course, annuity payments generally last only during your lifetime (and possibly your spouse's, if you're married). But the assets of other plans, such as an IRA, Keogh, or 401(k) account, may not be fully distributed. The remainder could be substantial.
The choice of an ultimate beneficiary is yours. Naturally, your decision will depend on your family circumstances. If you're married, you probably want your spouse to benefit. After that, you may want to help your children. However, consider the benefits of making a planned charitable gift after providing for your family.
Retirement accounts are often exposed to income taxes and estate taxes, at a combined marginal rate that could rise to 65% or even higher on large, taxable estates. Yet many of these taxes can be avoided or reduced through a carefully planned charitable gift.
There's no better testimonial to your heartfelt concern for the chapter’s ongoing efforts to serve others than bequeathing retirement accounts to the chapter. To make sure you don't shortchange your family, consider these possible gift options:
- Designate a specific amount to be paid to us before the division of the remainder among family beneficiaries.
- Make us the beneficiary of part or all of the balance remaining after your spouse's lifetime.
- If you have no relatives you want to benefit, name the Society as your primary beneficiary.
For more information on bequeathing retirement assets, please contact Karen.Barton@nmss.org at 760-448-8412.
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