What Will You Do with Your Unspent Retirement Savings?

Rufus and Joelle were retired engineers with two adult children. They owned a home, some stocks, and IRAs. They met with their financial advisor to discuss a plan to provide for their family, and for some of their favorite charities.

Joelle: We both had a lot of money in our IRAs, which was more than we could ever use. We wondered if we could pass this on to our children.

Rufus: Our advisor explained the problem with giving our retirement savings to our family. He said a majority of the gift would be taxed. We didn't want our children paying any more in taxes than they already pay.

To alleviate their concerns, Rufus and Joelle's advisor created a plan that stipulated their stocks and home go to the children. He then recommended a bequest of the retirement assets be left to their favorite charities. These charitable organizations could then receive all the assets from Rufus and Joelle's IRAs tax free, allowing them to use the funds to further their missions.

Rufus: It was easy to make bequests from our IRAs to our favorite charities. We filled out the online forms on our custodian's website that permitted us to allocate percentage shares to charitable causes.

Joelle: This plan met all of our goals. We liked the fact that our children could immediately sell the house and stocks with little or no tax due. We were also happy to help some worthy organizations continue their good work.

*Please note: The name and image above is representative of a typical donor and may or may not be an actual donor to our organization.

Contact

eBrochure

Tennessee State University, its employees or representatives, do not offer legal or financial advice. We strongly urge prospective donors to consult with their attorney, financial advisor, estate planning professional, accountant or other appropriate professional before making any material decisions based on information we provide through this website, printed materials or other sources.

Tennessee State University is an EEO/AA employer and does not discriminate on the basis of race, color, national origin, gender, age, religion or disability in its programs and activities. | more...