Retirement-plan benefits often make an excellent choice for funding a testamentary charitable gift to Deerfield. Not only will such a gift escape federal income tax, but it will also avoid any potential federal estate tax. This combination of income taxes and estate taxes could result in a tax hit of more than 62% of the retirement-plan benefits.
If, for example, you have designated your children to be the beneficiaries of $100,000 of your retirement-plan benefits, and your estate is subject to federal estate taxes, your children could lose $40,000 to federal estate taxes and as much as an additional $22,200 to federal income taxes for a total reduction in benefits of $62,200. If, however, you designate Deerfield as the beneficiary of that $100,000, the full amount will pass to us with no reduction in benefits.
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Rachel Moore, Senior Philanthropic Advisor & Director of Gift Planning Jessica Remillard P’26, Planned Giving Coordinator Email: plannedgiving@deerfield.edu |
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Rachel Moore, Senior Philanthropic Advisor & Director of Gift Planning
Jessica Remillard P’26, Planned Giving Coordinator
(413) 774-1584
Deerfield Academy
Office of Advancement
7 Boyden Lane
P.O. Box 306
Deerfield, MA 01342
plannedgiving@deerfield.edu
7 Boyden Lane, Deerfield, MA 01342
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