Charitable Beneficiary

If you are concerned with potentially high estate taxes, the charitable beneficiary designation is a good choice because the benefit payment is generally excluded.
One of the most tax-efficient ways to give back to your community is by designating the Pacific Battleship Center as a beneficiary of your retirement plan, whether it is a 401(k), 403(b), IRA (individual retirement account), or other qualified retirement program. Estate taxes may be due in addition to the taxes your heirs may pay on the income in respect of the decedent (IRD). For these reasons, many advisors recommend retirement plan assets as the first to be designated for charitable purposes.

If you are over 70 ½ and are required to take mandatory distributions from your IRA, a new law may allow you to give up to $100,000 to a charity of your choice.

Although your retirement plan beneficiary form overrides your will, it is important that both documents are up-to-date and consistent.

Make a Planned Gift Through Your Retirement Assets

To make a gift of retirement assets, you can simply name Pacific Battleship Center as the beneficiary or contingent beneficiary of all, or part of your retirement plan. When you pass away, or if your beneficiary does not survive you, the remaining assets will pass to Pacific Battleship Center.

If you are able to provide for your loved ones through other means, making a gift of retirement assets to Pacific Battleship Center may save your spouse the significant burden of paying both estate and income taxes on the assets.

Keep in mind: There are many ways to get income in retirement: company pensions, 401(k)s, 403(b)s, IRAs, Social Security, and so on.

TAX BENEFITS: Distributions from retirement plans can be subject to income and estate taxes and fees when left to an individual other than a spouse. In contrast, when you designate Pacific Battleship Center as a beneficiary of some or all of your retirement plans, 100% of the balance is received tax-free and available to support whichever area of of support you choose. At age 59 ½, when withdrawals no longer trigger a penalty, some donors choose to fund gifts with retirement assets and lessen their future estate tax burden. Starting at age 70 ½, you are required to make taxable withdrawals from retirement plans, and amounts that have accumulated tax-free in an IRA or other qualified plans are an excellent source from which to make periodic charitable gifts. Although you are required to report any withdrawal as income on your tax return, if you itemize your deductions, you are allowed a charitable deduction for amounts donated, up to 50% of your Adjusted Gross Income (AGI) for gifts of cash.

Making a Gift of Life Insurance

For many people, life insurance policies are less important later in life when financial obligations such as the cost of raising and educating children and paying a mortgage tend to decrease. This makes a gift of life insurance an excellent planned giving vehicle. It enables supporters to leverage relatively modest premium payments into a significant contribution toward the Pacific Battleship Center.

To make a gift of life insurance to the Pacific Battleship Center, you can name Pacific Battleship Center the beneficiary of all, or a portion, of the proceeds of your policy or you can transfer ownership of the policy to Pacific Battleship Center outright.

You can name Pacific Battleship Center as the contingent beneficiary of your policy or name a charitable remainder trust the beneficiary.

TAX BENEFITS: When you donate your life insurance policy to Pacific Battleship Center you may be able to claim an immediate income tax deduction for the current value of the policy and you may be able to deduct your future premium payments.

Gifts That Create Income

Gifts that create income are an excellent and flexible way to support our plans to expand restoration efforts, improve and increase exhibits, and provide quality educational programs.

Charitable Gift Annuities and Charitable Trusts allow you to make a sizable investment in our community’s future without disrupting your present.

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