Planned Giving and Other Options: Stock, gifts in-kind, etc. >
Pensions, Retirement Plans & IRAs
Qualified retirement plans may be given to Phoenix Seminary, including such things as 401 (k), 403 (b), employee stock ownership plans (ESOP’s), Keogh plans, defined benefit plans, and IRA’s. All receive favorable income tax treatment as long as the funds remain in the plans. The one exception is ROTH IRA’s. Otherwise, income taxes are due when distributions occur during your lifetime and on undistributed funds and assets upon your death. Talk to your tax consultant concerning Roth IRA’s.
Undistributed retirement plan assets are usually subject to income taxes known as “income in respect of a decedent.” These taxes can be partially avoided by use of bequests and can even provide an estate tax charitable deduction.