Retirement Assets Designation
For a growing number of Americans, their IRA or other qualified retirement plan may be one of their largest assets. However, those that are planning to leave assets behind for their heirs, often do not realize the double taxation that will occur at the time it is passed down.
Choosing Community over TaxesIt’s possible to avoid this massive taxation by placing these retirement assets into a charitable remainder trust which will pay a stream of income to your heirs for up to 20 years. At the end of the 20 years, the assets in the trust support the patients and families served by Baton Rouge General.
By donating these assets to the Foundation during your lifetime, you can remove them from your estate, preserve more of their value, provide a significant stream of income to your heirs, reduce taxes and you may be eligible to receive a deduction for the gift.
Retirement Plans Death BenefitsIt is important to check with your financial advisor or plan custodian to complete the required forms that name the General as a beneficiary and that your plan permits naming a charity as a beneficiary. We ask that you arrange for any death benefits to be paid to the General as a lump sum or over a period of years, rather than electing income for life. If you are married, your spouse must also sign the consent form and agree to your naming a beneficiary other than himself or herself.
There are options to leave retirement death benefits to a surviving spouse, who likely would set up a roll-over IRA. Your spouse’s IRA could direct remaining death benefits to the Baton Rouge General Foundation to benefit the hospital.
Whether you are creating a will or updating an old document, Baton Rouge General Foundation recommends that you seek the advice of estate and tax professionals, such as attorneys, accountants, or financial advisors, in developing your estate plan. Baton Rouge General Foundation cannot render tax or legal advice. For more information, please contact Baton Rouge General’s Foundation at Foundation@BRGeneral.org or (225) 763-4372.