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Retirement plan assets are a great way to support the work at The Wheeler School because they not only help support our mission, but they also can provide tax relief for your loved ones.
Money in an employee retirement plan, IRA or tax-sheltered annuity has yet to be taxed. When a distribution is made from your retirement plan account to a beneficiary, that person will owe federal income tax.
Consider leaving your loved ones less heavily taxed assets and leaving your retirement plan assets to The Wheeler School to support our work. As a nonprofit organization, we are tax-exempt and will receive the full amount of what you designate. You can take advantage of this gift opportunity in the following ways:
Name us a beneficiary of your plan. This requires you to update your beneficiary designation form through your plan administrator. Here you can designate The Wheeler School as the primary beneficiary for a percentage or specific amount. You can also make The Wheeler School the contingent beneficiary so that Wheeler will receive the balance of your plan only if your primary beneficiary doesn't survive you.
With the IRA charitable rollover, if you are 70½ years old or older, you can take advantage of a simple way to help our mission and receive tax benefits in return. You can give up to $100,000 annually from your IRA directly to a qualified charity such as The Wheeler School without having to pay income taxes on the money. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.
. If you are 70½ or older, you may now make a one-time election for a qualified charitable distribution of up to $50,000 (without being taxed) from your IRA to fund a life-income gift. This gift provides you (and a spouse, if you wish) with stable lifetime income that is unaffected by the markets. After your lifetime, the remainder of the gift annuity becomes your legacy at Wheeler. Some limitations apply, so contact us for more details and a personalized illustration at no obligation.
Fund a testamentary charitable remainder trust. When you fund a charitable remainder trust with your heavily taxed retirement plan assets, the trust will receive the proceeds of your plan. The trust typically pays income to one or more named beneficiaries for life or for a set term of up to 20 years, after which the remaining assets in the trust would go to support The Wheeler School. This gift provides excellent tax and income benefits for you while supporting your family and our work.
A donor advised fund. When retirement plan assets pass to your heirs, distributions are taxed as ordinary income. This income tax burden can be substantial, greatly reducing the value of the intended gift. Instead, you can designate your donor advised fund as the beneficiary of all or a portion of your retirement plan assets. Your fund receives the full amount of the gift and bypasses any federal taxes.
Legal name: The Wheeler School
Address: 216 Hope Street, Providence, RI 02906
Federal tax ID number: 05-0259101
Take advantage of this tax-smart gift opportunity. Download our FREE guide Make the Most of Your Retirement Plan Assets: Avoid Taxation and Support Our Work.View My Guide