Retirement planning gifts
Millions of Americans have taken advantage of generous tax incentives
provided by Congress to encourage savings for retirement years. However, at
death, your retirement assets can be taxed up to 70%. A combination of estate
taxes and income taxes can nearly confiscate the retirement savings accounts of
many people at death, leaving little for heirs.
Federal Estate Tax
The full, date-of-death value of retirement savings is subject to federal
estate tax at rates as high as 55% for estates over $3 million.
State and Federal Income Taxes
Both federal income tax and state income tax (depending on the place of residence of your heirs) will be due on death benefits from an IRA or other plan — costing as much as 40% or more.
Instead, consider leaving retirement account assets to Greenpeace, and preserve all the funds free from tax. You can leave your children cash and other assets that won't suffer the high taxes that retirement assets do. Or, you can provide for family members by leaving retirement assets to a charitable trust that will pay income to your loved ones.
It's simple to make a gift of retirement assets to Greenpeace.
Beneficiary Change
The custodian of your retirement plan can provide you with the appropriate forms to make Greenpeace the beneficiary. The beneficiary designation form will ask that you list Greenpeace's legal name, address, and tax identification number. This information is as follows:
Greenpeace Fund, Inc.
702 H Street NW, Suite 300
Washington, DC 20001
Tax ID# 95-3313195
Will or Living Trust
If no death beneficiary is named for your account, you can change your will
or living trust so that retirement assets are specifically designated to pass to
Greenpeace.
Charitable Trust
You can provide income to family members by leaving retirement assets to a
charitable remainder trust that will pay income to you over your lifetime. When
the trust expires, the remaining assets pass to Greenpeace.
Find out
more.
Contingent Beneficiary
Consider making Greenpeace the contingent beneficiary of your retirement death plan benefits and give your heirs the right to disclaim (decline) benefits. Those who understand the severity of the taxes imposed can have the retirement assets pass to a worthwhile cause like Greenpeace.