You may find that gifts of retirement assets can save your heirs undue tax burdens and allow you to accomplish your charitable objectives. Unlike when bequeathing to individual heirs, when you bequeath retirement plan assets to San Francisco Zen Center, we will not have to pay income taxes on the assets. This will allow you to make a larger gift and possibly save other nontaxable assets for donation to your heirs.
You may also want to consider setting up a charitable trust with retirement assets. With a trust, you simply transfer your retirement assets to San Francisco Zen Center as the last beneficiary. The trust can provide payments for your spouse, partner or other loved one for the rest of his/her life. After the death of your beneficiary, the assets remaining in the trust can be used by San Francisco Zen Center to continue our work. There will be no estate or income taxes imposed on the assets at the time of the gift.
This information is not intended as specific legal advice. Consult your attorney when considering any legal matter. State laws which govern wills and contracts vary and are subject to change.