Your act of generosity, our longevity.
With gift planning, you can provide long-lasting support for our organization while enjoying financial benefits for yourself.
What Will You Do with Your Unspent Retirement Savings?
Michael and Kelly were retired engineers with two adult children. They owned a home, some stocks, and IRAs. They first learned about Boys Home in their church and had been giving to them for several years. They wanted to help the boys more if they could find a way that made sense. They met with their financial advisor to discuss a plan to provide for their family and for Boys Home.
We both had a lot of money in our IRAs, more than we could ever use. We
wondered if we should pass this on to our children.
Michael: Our advisor explained the problem with giving our retirement savings to family members. He said a majority of the gift would be taxed. We didn't want our children paying any more in taxes than they already pay.
To alleviate their concerns, Michael and Kelly's advisor created a plan that stipulated their stocks and home would go to the children. He then recommended a bequest of the retirement assets be left to Boys Home. The charity would then receive all the assets from Michael and Kelly's IRAs tax-free, allowing them to use the funds to educate and assist more boys in need.
It was easy to make bequests from our IRAs to Boys Home. We filled out the
online forms on our custodian's website that permitted us to allocate
percentage shares to charitable causes.
Kelly: This plan met all of our goals. We liked the fact that our children could immediately sell the house and stocks with little or no tax due. Also, we are elated that Boys Home will receive a substantial gift and that this will be our family's legacy.