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||Retirement Plans & Life Insurance
How They Work:
Retirement plans, when passed on to heirs, can incur as much as 80 percent in taxes, because these assets face double taxation. Not only is the amount of the plan reduced by potential estate taxes, but the recipient must also pay income taxes on the plan.
If you plan to make a legacy gift to Eight/KAET, you may want to consider naming Eight/KAET the beneficiary of your 401(k), IRA, pension or other retirement plan and leaving other assets to your family. Naming us the primary beneficiary avoids all income and estate taxes on the retirement plan.
To make the designation, advise your plan administrator of your decision and complete and sign the appropriate forms.
Many individuals have life insurance policies whose benefits they no longer need. If this applies to you, you may want to consider naming Eight/KAET the beneficiary of the policy and assigning ownership of the policy to Eight/KAET. In doing so, you will receive a charitable deduction; and in removing the life insurance policy from your estate, you may also reduce your estate taxes.
Please Let Us Know Your Plans
By informing Eight/KAET of your legacy gift, you help us prepare for the future. And, equally important, you also give us the chance to thank you for your generosity while still living, through membership of our Legacy Society.
All Planned Giving Options: