Retirement Plan Assets
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Plan a Charitable Gift Today
Take advantage of this tax-smart gift opportunity. Download our FREE guide Make the Most of Your Retirement Plan Assets: Avoid Double Taxation and Support Our Work.View My Guide
Retirement plan assets are a great way to support the work at the YMCA of San Diego County because they not only help support the mission, but they also can provide tax relief for your loved ones.
Money in an employee retirement plan, IRA or tax-sheltered annuity has yet to be taxed. When a distribution is made from your retirement plan account to a beneficiary, that person will owe federal income tax.
Consider leaving your loved ones less heavily taxed assets and leaving your retirement plan assets to the YMCA of San Diego County to support our work. As a nonprofit organization, we are tax-exempt and will receive the full amount of what you designate to us from your plan. You can take advantage of this gift opportunity in the following ways:
Name us a beneficiary of your plan. This requires you to update your beneficiary designation form through your plan administrator. Here you can designate the YMCA of San Diego County as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your plan only if your primary beneficiary doesn't survive you.
With the IRA Charitable Rollover, if you are 70½ years old or older, you can take advantage of a simple way to help those we serve and receive tax benefits in return. You can give up to $100,000 from your IRA directly to a qualified charity such as the YMCA of San Diego County without having to pay income taxes on the money.
. If you are 70½ or older, you may now make a one-time election for a qualified charitable distribution of up to $50,000 (without being taxed) from your IRA to fund a life-income gift. This gift provides you (and a spouse, if you wish) with stable lifetime income that is unaffected by the markets. After your lifetime, the remainder of the gift annuity becomes your legacy at the YMCA. Some limitations apply, so contact us for more details and a personalized illustration at no obligation.
Fund a testamentary charitable remainder trust. When you fund a charitable remainder trust with your heavily taxed retirement plan assets, the trust will receive the proceeds of your plan. The trust typically pays income to one or more named beneficiaries for life or for a set term of up to 20 years, after which the remaining assets in the trust would go to support the YMCA of San Diego County. This gift provides excellent tax and income benefits for you while supporting your family and our work.
A donor advised fund. When retirement plan assets pass to your heirs, distributions are taxed as ordinary income. This income tax burden can be substantial, greatly reducing the value of the intended gift. Instead, you can designate your donor advised fund as the beneficiary of all or a portion of your retirement plan assets. Your fund receives the full amount of the gift and bypasses any federal taxes.
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Gifts That Pay
Your payments depend on your age at the time of the donation. If you are younger than 60, we recommend that you learn more about your options and download this FREE guide Plan for Retirement With a Deferred Gift Annuity.
- Contact Courtney Cordero at (858) 292-9622 or [email protected] for additional information.
- Seek the advice of your financial or legal advisor.
- If you include the YMCA in your plans, please use our legal name and federal tax ID.
Legal Name: YMCA of San Diego County
Address: 3708 Ruffin Road, San Diego, CA 92123
Federal Tax ID Number: 95-2039198
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.