Gifts of Retirement Assets
Donating part or all of your unused retirement assets, such as your IRA, 401(k), 403(b), pension or other tax-deferred plan, is an excellent way to make a gift to North Dakota Community Foundation and leave a legacy in your community.
If you are like most people, you probably will not use all of your retirement assets during your lifetime. You can gift your unused retirement assets to the project, community, school, or organizational fund of your choice at NDCF. Or, you can create a new fund with your gift and choose which organizations will benefit from it in the future.
Benefits of gifts of retirement assets
- Avoid potential estate tax on retirement assets
- Your heirs would avoid income tax on any retirement assets funded on a pre-tax basis
- Receive potential estate tax savings from an estate tax deduction
- The gift may be eligible for the North Dakota 40% Income Tax Credit. Ask us for details about this great giving incentive!
How to make a gift of retirement assets
To leave your retirement assets to North Dakota Community Foundation, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate North Dakota Community Foundation as beneficiary, we will benefit from the full value of your gift because your IRA assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift.
More on gifts of retirement assets
Did you know that 60%-70% of your retirement assets may be taxed if you leave them to your heirs at your death? Another option is to leave your heirs assets that receive a step up in basis, such as real estate and stock, and give the retirement assets to North Dakota Community Foundation, to benefit a nonprofit organization, school, or community here. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets and your gift could potentially improve the quality of life for hundreds of people.
If you have any questions about gifts of retirement assets, please contact us. We would be happy to assist you and answer any questions that you have.
Please let us know if you have already included North Dakota Community Foundation as a beneficiary of your retirement assets. We want to make sure we know how you would like your gift recognized and used to make North Dakota better!