Gifts of Retirement Assets
Donating part or all of your unused retirement assets, such as your IRA, 401(k), 403(b), pension or other tax-deferred plan, is an excellent way to make a gift to YOTO. If you are like most people, you probably will not use all of your retirement assets during your lifetime. You can make a gift of your unused retirement assets to help further our mission of serving as many homeless students as possible. By donating to YOTO, you:
- Avoid potential estate tax on retirement assets
- Avoid income tax for your heirs on any retirement assets funded on a pre-tax basis
- Receive potential estate tax savings from an estate tax deduction
In case you don’t already know, if you have an IRA and are 70 ½ years and older, you are required to take an annual withdrawal from your IRA.” The PATH Act of 2015 allows an individual to make a yearly charitable contribution from an IRA of up to $100,000 without paying income taxes on the distribution. Donations must be made to one or more qualified charitable organizations or private foundations; the funds cannot be contributed to a donor-advised fund or a supporting organization. The process for making the donation is simple: the transfer must be made directly from the IRA sponsor to the charity or charities of your choice on or before December 31 of each calendar year.
To leave your retirement assets to YOTO, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you have any questions about gifts of retirement assets, please contact us at (520) 293-1136. We would be happy to assist you and answer any questions that you have.
Please let us know if you have already included YOTO as a beneficiary of your retirement assets. We would like to thank you and recognize you for your gift!