Gifts of Retirement Plans
You can designate BIDMC as a beneficiary of part or all of the remainder of your IRA or retirement plan.
Distributions from retirement plans at the death of the survivor of the account holder can be subject to both income and estate taxes. These taxes can leave less than 30 cents on the dollar of the plan's balance for your children or other heirs.
By naming BIDMC as the beneficiary of the remainder of your retirement plan, 100 percent of the plan's balance is available for BIDMC's use, since the distribution avoids both income and estate taxes.
Summary of benefits:
- A simple change of beneficiary form (available from your IRA administrator) is needed to complete this gift.
- If your circumstances change, you can easily alter your intentions without modifying your will/estate plans.
- You will avoid income taxes and possibly estate taxes with this gift.
- You have the ability to make a more significant gift to BIDMC.
- You receive membership in the Lunn Society, BIDMC's recognition society for individuals who have made a planned gift.
Note: The information on this website is not intended to serve as legal or financial advice. When planning a specific charitable gift, the services of a legal or financial advisor should be obtained.