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Unpaid benefits at death from retirement plans (such as IRAs, 401k or Keogh plan) constitute a unique opportunity for planned giving. Federal, state and local income and estate taxes can altogether amount to as much as 75% of the retirement plan assets when they are left outright to heirs, leaving them with very little to share.
In planning gifts to individuals, it is therefore advised to consider giving them assets other than retirement benefits to minimize their tax burden and use these retirement accounts for charitable gifts instead.
Because of its non-profit status, Opera Pacific is exempt from the heavy taxes that individual heirs would incur. Naming Opera Pacific as the beneficiary of a retirement plan simply requires the signing of the appropriate beneficiary designation form, as well as the written consent of the donor's spouse (when applicable).
If you would like to join the VISSI D'ARTE Society or would like further information on planned giving, please contact:
Merrie Goddard
Development
714-830-6340
development@operapacific.org
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