Planned Giving - Retirement Plans & Life Insurance Retirement plans, when passed on to heirs, can incur as much as 80 percent in taxes, because this asset faces double taxation. Not only is the amount of the plan reduced by estate taxes, but the recipient must also pay income taxes on the plan. If you plan to make a legacy gift to KAET, you may want to consider naming us the beneficiary of your 401(k), 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 form. Life Insurance Many individuals have life insurance policies whose benefits they no longer need. If this applies to you, you may want to consider naming KAET the beneficiary and assigning us ownership of the policy. 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.
To request a brochure on charitable giving through retirement plans or life insurance, please call 480-965-9693. 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. To notify us of your interest in Legacy Society membership, please contact: Gary McMahanAssociate Director, Development 480-965-9693 gary.mcmahan@asu.edu |
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