Gifts from Retirement Plans at Death
Retirement-plan benefits often make an excellent choice for funding a testamentary charitable gift to the Navy League. Not only will such a gift escape federal income tax, but it will also avoid any potential federal estate tax. This combination of income taxes and estate taxes could result in a tax hit of more than 62% of the retirement-plan benefits.
If, for example, you have designated your children to be the beneficiaries of $100,000 of your retirement-plan benefits, and your estate is subject to federal estate taxes, your children could lose $40,000 to federal estate taxes and as much as an additional $22,200 to federal income taxes for a total reduction in benefits of $62,200. If, however, you designate the Navy League as the beneficiary of that $100,000, the full amount will pass to us with no reduction in benefits.
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The Navy League is an exempt organization, duly qualified under Section 501(c)(3) of the Internal Revenue Code, contributions to which are tax deductible in accordance with federal law.
If your donation is for a scholarship, the Navy League Foundation is a 501(c)(3) organization: Federal Tax ID 31-1677884.
