A distribution from your retirement plan is treated as ordinary income under federal and state laws. Instead of paying a large tax bill, you can donate your 401(k), IRA, or other qualified pension plan.
Benefits
Avoid the potential double taxation your retirement savings would face if you designated these savings to your heirs.
Continue to take regular lifetime withdrawals.
Maintain flexibility to change beneficiaries if your family’s needs change during your lifetime.
You can direct your annual Qualified Minimum Distribution to The Grotto.
To make this gift :
- Notify the plan administrator
- File a “Change of Beneficiary” Form
- Include beneficiary designation in your estate document
Sample beneficiary designation language for a spouse and The Grotto: The beneficiary is my spouse as long as he/she survives me. The beneficiary of any amount(s) remaining in the plan after the death of my spouse, or of the entire amount in the plan upon my death if my spouse does not survive me, or of any portion thereof that my spouse may disclaim, is the National Sanctuary of Our Sorrowful Mother (The Grotto), 8840 NE Skidmore St., Portland, OR 97220, Tax ID# 93-0386924, for its general charitable purposes.
