Planned Giving: Retirement Plan Gifts
Retirement accounts are excellent ways to provide for one's retirement. Unlike most other assets, retirement accounts are liable for both income and estate taxes, and these accounts are taxed to one's heirs more heavily than any other asset (losing up to 70% of their value to taxes). Since retirement accounts are less valuable to heirs than they are to the VHS or other non-profit organizations, it makes sense to give them to the VHS and leave other assets to family.
Virginians at Work
The long-term exhibition, Virginians at Work, presents the many different livelihoods Virginians have pursued over the years. Like other Americans, Virginians have also managed in various ways to provide for their retirement from work. Tobacco farmers, in particular, found that their acreage, when coupled with even a small "allotment," (or license to receive federal tobacco price supports) could underwrite a secure retirement. Renting the land and its allotment to a younger farmer substituted for a pension for many farmers of yesteryear. Today's workers rely upon other resources, notably retirement accounts like IRAs and 401(k)s. Money contributed to these accounts by either worker or employer grows tax-free, ready to be withdrawn, at retirement (or as early as age 59 ½).
Other Planned Giving options available:
• Charitable Gift Annuities
• Charitable Remainder Trusts
• Charitable Lead Trusts
• Insurance Policies
This gift option entitles you to membership in the Virginia Historical Society's Virginia Heritage Registry.