A good way to save: Qualified retirement plans - 401(k) and 403(b) plans, IRAs, Keoghs, and others - will be many people's major source of income after retirement. Contributions to these plans are often tax-free and usually grow tax-free as well.
A great way to give: Yet, assets in retirement accounts are heavily taxed when inherited by family members. Liable for both income tax (unlike most other assets), plus possible estate tax, these accounts can shrink by 70% in the hands of loved ones.
Retirement plans are less valuable in the hands of heirs than they are in the hands of tax-exempt organizations like the VHS. The income and estate taxes that are saved will actually pay for most of the gift.
To designate part or all of a retirement plan for the VHS, take these simple steps:
Contact your plan administrator, by obtaining their name and address from your employer, or your own records.
Obtain a copy of the designation of beneficiary form, and list the VHS for whatever share of the balance you desire.
Please note your designation in your own records, and inform Pam Seay at 804.342.9681 or email@example.com, who will gratefully offer you membership in the Virginia Heritage Registry, the society’s way of honoring those who include it in their long range planning.