Donate: Planned Giving - Giving Through Retirement Plans
You can designate Maryknoll Lay Missioners as the beneficiary of one or more of your retirement plan accounts. Many retirement plans have grown substantially in value due to the introduction of new savings alternatives, such as the IRAs, Roth IRAs, 401(k), 403 (b), profit sharing and defined benefit plans. What will happen to your retirement savings in the event you die prematurely? Herein lies an opportunity for you to consider a gift to the Maryknoll Lay Missioners far beyond anything you are capable of doing during your lifetime. And, you may be able to minimize estate taxes with a properly structured plan. | Case Study | | | Situation | You are considering a charitable bequest in your will, but you want to ensure that your children receive the maximum benefit from your estate. | | Gift Plan Solution | Name Maryknoll Lay Missioners as beneficiary of your profit-sharing account | | For Example | You are considering adding a charitable bequest to your will, with the residue of your estate passing to your children. But in researching this approach, you realize that the assets you leave your children may face double taxation. To avoid this, you change your plan and name Maryknoll Lay Missioners as beneficiary of your profit-sharing account. This way, the death benefit passing to Maryknoll Lay Missioners will not only qualify for the estate tax charitable deduction, but will also pass free of any income tax obligation. Your children will benefit from this change because, rather than getting the profit-sharing account proceeds that are subject to income tax, they will receive other assets of your estate that are free of income taxes. | Click here for transaction forms |
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