Retirement Accounts – Legacy Gift
An easy way to make a legacy gift is simply to designate the Palo Alto Medical Foundation as a beneficiary of your retirement plan.
Funds in your retirement plan have never been subject to income-tax. So your heirs will have to pay income-tax on the proceeds. But gifts to charitable organizations are income-tax free. Use retirement funds to make your charitable gifts and use other assets for your heirs.
Administrators of retirement plans use a standard form to change your beneficiary. This is true for an IRA, 401(k), or 403(b) plan. Please contact your bank, broker, or plan administrator to obtain the right form.
If you have an employer sponsored retirement plan, please contact your Human Resources Department for the proper form.
With a gift from your retirement plan you can:
- Save taxes
- Maintain control and flexibility
- Create a permanent endowment
- Honor someone with a memorial gift
- Receive naming recognition for your gift
- Support your favorite program or service
The most common legacy gifts are beneficiary designations of a retirement plan or life insurance policy, or bequests made in a will. There are many additional ways to make a difference, and the Department of Philanthropy will gladly work with you to find an option that is right for you.
Feel free to contact us if you have a question. Thank you for being our partner in health care.