Donating part or all of your unused retirement assets, such as your IRA, 401(k), 403(b), pension or other tax-deferred plans, is an excellent way to make a gift to United Way Monterey County.
If you are like most people, you probably will not use all of your retirement assets during your lifetime. You can make a gift of your unused retirement assets to help further our mission.
Benefits of gifts of retirement assets
- Avoid potential estate tax on retirement assets
- Your heirs would avoid income tax on any retirement assets funded on a pre-tax basis
- Receive potential estate tax savings from an estate tax deduction
How to make a gift of retirement assets
To leave your retirement assets to United Way Monterey County, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate UWMC as beneficiary, we will benefit from the full value of your gift because your IRA assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift.
More on gifts of retirement assets
Did you know that 60%-70% of your retirement assets may be taxed if you leave them to your heirs at your death? Another option is to leave your heirs assets that receive a step-up in basis, such as real estate and stock, and give the retirement assets to United Way. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.
Contact us
For questions, contact Lynda Patrick, VP Resource Development; Lynda.Patrick@UnitedWayMCCA.org or call (831) 318-1973.