Giving from your retirement plan as part of your estate plan

A retirement plan can be a tax-efficient and simple way of including GallopNYC in your estate plan, by naming GallopNYC as a beneficiary on your plan’s beneficiary designation form. The tax advantage stems from the fact that most retirement plans (other than Roth IRAs) are subject to income taxes—and possibly estate taxes—if left to an individual beneficiary; however, a charity that is named as the beneficiary does not pay income or estate taxes on the distribution. Thus, the full value of what is distributed can be used by as a gift from your estate, supporting the purpose you designate.