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 Meharry Medical College.
If you are like most people, you probably will not use all your retirement assets during your lifetime. You can make a gift of your unused retirement assets to help further our mission.
Benefits of gifts of retirement assets
- Avoid potential estate and income 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
Gifts of retirement assets video
How to make a gift of retirement assets
To leave your retirement assets to Meharry Medical College, you will need to complete a beneficiary designation form provided by your retirement plan custodian. When you designate Meharry Medical College as beneficiary of a qualified retirement plan (funded with pre-tax dollars), we will benefit from the full value of your gift because IRA assets that pass to qualified charities will not be taxed at your death. Your estate may also benefit from an estate tax charitable deduction for the gift.
More on gifts of retirement assets
Did you know that your retirement assets are taxed if you leave them to your heirs at your death? And your heirs (not including your spouse) will face a mandatory 10-year spend-down period to withdraw all funds from an inherited retirement account. A better option is to leave your heirs assets that receive a step up in basis at the time of your death, such as real estate and securities, and give your retirement assets to Meharry Medical College. As a nonprofit, we are not taxed upon receiving an IRA or other qualified retirement plan assets.
Contact us
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 Meharry Medical College as a beneficiary of your retirement assets. We would like to thank you and recognize you for your gift.
