Giving Later
Giving Through Retirement Plans
You can designate Maryknoll as the beneficiary of one or more of your retirement plan accounts.
You can designate Maryknoll as the beneficiary of one or more of your retirement plan accounts. Many retirement plans have grown substantially in value due to the introduction of new savings alternatives, such as the IRA, Roth IRA, 401(k), 403 (b), profit sharing and defined benefit plans. What will happen to your retirement savings in the event you die prematurely? Herein lies an opportunity for you to consider a gift to the Maryknoll Fathers and Brothers far beyond anything you are capable of doing during your lifetime. And, you may be able to minimize estate taxes with a properly structured plan.
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Name: |
Dan Whelan Bell |
| Age: |
62 |
| Situation: |
Considering a charitable bequest in his will, but wants to ensure his children receive the maximum benefit from his estate. |
| Gift Plan: |
Named Maryknoll as beneficiary of his profit-sharing account. |
Dan Whelan is considering adding a charitable bequest to his will, with the residue of his estate passing to his children. But in researching this approach, he realized that the assets he leaves his children may face double taxation. To avoid this, he changed his plan and named Maryknoll as beneficiary of his profit-sharing account. This way, the death benefit passing to Maryknoll will not only qualify for the estate tax charitable deduction, but will also pass free of any income tax obligation. His children will benefit from this change because, rather than getting the profit-sharing account proceeds that are subject to income tax, they will receive other assets of his estate that are free of income taxes.
Case Studies are composites of Maryknoll Donors. The names and images are fictional but the cases use real data and situations. Figures are for demonstrational purposes only. |
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