You may be surprised to learn that your retirement plan — 401 (k), IRA, Keough, or other such accounts — is among the most tax-burdened asset you can own. Since undistributed assets remaining in your retirement plan were not taxed during your life, they are subject to both income and estate taxes if they are directed to someone other than your spouse. This means that a child or other loved one would have to pay the income tax that has been deferred.
There is a sensible charitable solution—you can name ChildFund as the beneficiary of your retirement plan and use other assets (not subject to income tax) to make gifts to your heirs. By naming ChildFund as the beneficiary, you avoid the income tax and also provide a charitable estate tax deduction for the full value of the gift.
To get started, advise your retirement plan administrator of your wishes and sign the appropriate beneficiary designation form.
The following information is for your reference:
|Your relationship to ChildFund:
|Federal Tax ID:
||2821 Emerywood Parkway
Richmond, Virginia 23294
||The Office of Planned Giving
If you have included ChildFund in your estate plan, please complete our notification form and send it to The Office of Planned Giving at ChildFund.
We would like to thank you and welcome you to The Children's Circle.
Please call 1-800-762-9593 for more information.
The purpose of this web page is to provide information of a general nature only. ChildFund is not engaged in providing legal or tax advice. Please consult with your attorney or financial advisor when considering a charitable gift of any type.