Retirement Plans and IRAs

Assets in qualified tax-deferred retirement plans may be one of the most tax-advantaged ways to give. You may name LBI as the beneficiary of a percentage or the total remainder of an unused retirement account such as a 401(K), 403(B) or pension plan. Retirement accounts are often one of the highest-taxed assets in a person’s estate, as they are subject to income tax as well as estate and generation-skipping transfer tax. As a nonprofit, LBI is exempt from income tax, and by making LBI a beneficiary, that amount would act as a deductible to your estate.

For supporters over age 70 ½, you may be required to take a quarterly distribution subject to income tax. Should you be considering a gift to LBI and are eligible for a distribution, making LBI the beneficiary of such a distribution could be a tax-advantaged way for you to make an impact at our organization. Gifts of this nature will be considered a part of LBI’s annual fund, rather than a planned gift.