If family members or friends are beneficiaries of your retirement funds, they could receive as little as 25% of your hard-earned money. Retirement accounts like IRAs, Keoghs, and 401(k) plans are taxed as income to your heirs, and in addition may be subject to estate tax. Alternatively, you can name the Southern Environmental Law Center as beneficiary of your retirement funds and make other estate provisions for loved ones. That way, the entire designated amount passes to SELC tax-free, and your gift is fully deductible for estate tax purposes. You may designate
- Your entire retirement account;
- A set dollar amount;
- A percentage of your total retirement funds;
- An amount contingent on other conditions being met, such as having a loved one predecease you.
Consult your financial advisor or your employer’s human resources department to get the simple form to designate the Southern Environmental Law Center (Federal Tax ID Number 52-1436778) as a beneficiary of your retirement account.
If you have any questions, please contact Deb Donnelly via email ([email protected]) or phone (434-218-7382), thank you!