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Most retirement plans are tax-deferred, meaning that you do not pay income tax on the assets in a retirement plan until they are distributed to you. Because retirement assets that are unused during your lifetime may be subject to both income and estate taxes, these may be among the costliest assets to distribute to loved ones through your estate.
A retirement account can be gifted to a nonprofit organization such as U.S. PIRG, a project of U.S. PIRG. Unlike an individual beneficiary, a tax-exempt non-profit like U.S. PIRG will not be subject to income tax on the value of the account. Consequently, leaving retirement account funds to a nonprofit can maximize the final value of your gift.
Naming or changing your beneficiary is simple. After checking with your advisors, ask the administrator of your retirement plan for a beneficiary designation form, fill it out, and return it to the administrator.
To find out more, including our tax identification number and other resources regarding planned giving, please email our Planned Giving Coordinator using the form below, or call 1-800-841-7299.
Contributions to U.S. PIRG, a project of U.S. PIRG, are not tax-deductible as charitable contributions. However, gifts to our sister organization, U.S. PIRG Education Fund, a project of U.S. PIRG Education Fund, are tax-deductible in many circumstances. Your professional advisors can analyze the effect upon your own estate of a gift to either of these organizations.
Tools & Resources
Supporting "Consumer First" Fiduciary Standard
Trojan Horse Hidden In Data Breach Bill
To Senate Banking Committee
"Visa vs. Stoumbos" is before the Court's October term
DEFEND THE CFPB
Tell your representative to oppose the “Financial CHOICE Act,” which would gut Wall Street reforms and destroy the Consumer Financial Protection Bureau as we know it.
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