Most retirement plans are tax-deferred, meaning that you do not pay income tax on the assets in a retirement plan until they are distributed to you. Because retirement assets that are unused during your lifetime may be subject to both income and estate taxes, these may be among the costliest assets to distribute to loved ones through your estate.
A retirement account can be gifted to a nonprofit organization such as PennEnvironment. Unlike an individual beneficiary, a tax-exempt non-profit like PennEnvironment will not be subject to income tax on the value of the account. Consequently, leaving retirement account funds to a nonprofit can maximize the final value of your gift.
Naming or changing your beneficiary is simple. After checking with your advisors, ask the administrator of your retirement plan for a beneficiary designation form, fill it out, and return it to the administrator.
To find out more, including our tax identification number and other resources regarding planned giving, please email our Planned Giving Coordinator using the form below, or call 1-800-841-7299.
Contributions to PennEnvironment are not tax-deductible as charitable contributions. However, gifts to our sister organization, PennEnvironment Research and Policy Center, are tax-deductible in many circumstances. Your professional advisors can analyze the effect upon your own estate of a gift to either of these organizations.