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Gift Planning |
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Gifts from Retirement Plans If the largest asset in your estate is your retirement plan, such as a 401(k), IRA, or Keogh, you may be surprised to learn that the IRS will impose income tax on the remaining balance in the account if you bequeath it to a beneficiary other than your spouse. This tax is in addition to the estate tax that will be imposed on the account. For estates fully subject to the estate tax, the result may be that up to 70% of the value of your retirement plan will be consumed by taxes before your child, relative, or friend receives it. There is a sensible charitable alternative: name the Art Institute of Chicago as the beneficiary of your retirement plan. We will not pay income tax on our distribution, and your estate will be entitled to a charitable deduction equal to the amount passing to the charity. More
To learn more about gifts of retirement plans, e-mail us, complete the information request form, or call us at (312) 499-4110 so that we can assist you. The Art Institute of Chicago Planned Giving content ©2008 VirtualGiving | Disclaimer & Privacy Notice |
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