A qualified retirement plan is an effective way to save for retirement, but not to pass assets on to your heirs. If left to an individual other than a spouse, such tax-deferred retirement plan assets as an IRA or 401(k) can be subject to multiple layers of taxation.
An option you may wish to consider is to name the Museum as the beneficiary or contingent beneficiary of all or a specified percentage of your retirement plan and leave other, less-taxed assets to your heirs.
Naming the museum as a beneficiary of your retirement plan is easy. Simply contact your retirement plan administrator to obtain the appropriate forms.
All inquiries are confidential and without obligation.
Federal Tax ID: 74-2689943
The purpose of this web page is to provide information of a general nature only. Advice from your own legal and tax counsel should be sought when considering any gift arrangement.