Gifts Through Qualified Retirement Plans (IRA, Keogh, 401k, 403b)
Your qualified retirement plan can provide a significant gift to ministry.
If you have sizeable amounts of tax-sheltered funds in qualified retirement plans, it may make sense to consider distributing assets to family and the ministries of the ELCA after death. Your qualified retirement plan is a great way to save for retirement.
Accumulations build up tax-free until you need them for retirement. However, while money withdrawn from these funds during retirement is taxed as current ordinary income, the real tax consequence may come when distributing assets to heirs in the form of federal, state, and, in some cases, city taxes. With proper planning you can make a significant gift to ministry and leave more of your estate to family and less to taxes.
If you are already receiving your mandatory distributions from your qualified retirement plan, you might consider use of these funds, which have built up tax-free, for either outright or planned gifts. Here to help
Our nationwide network of professional gift planning staff
can help you explore a variety of possibilities for making a significant gift to ministry and fulfilling your legacy goals at the same time. The examples and information on this page are for illustrative and educational purposes only and should not be considered tax or legal advice. Please consult with your tax or legal advisor before proceeding with your estate plan.