What Will You Do with Your Unspent Retirement Savings?
Kelly: We both had a lot of money in our IRAs, more than we could ever use. We wondered if we could pass this on to our children.
Michael: Our advisor explained the problem with giving our retirement savings to our family. He said a majority of the gift would be taxed. We didn't want our children paying any more in taxes than they already pay.
To alleviate their concerns, Michael and Kelly's advisor created a plan that stipulated their stocks and home would go to the children. He then recommended a bequest of the retirement assets be left to Phoenix Theatre. The theatre could then receive all the assets from Michael and Kelly's IRAs tax-free, allowing them to use the funds to further their missions.Michael: Our advisor explained the problem with giving our retirement savings to our family. He said a majority of the gift would be taxed. We didn't want our children paying any more in taxes than they already pay.
Michael: It was easy to make bequests from our IRAs to Phoenix Theatre. We filled out the online forms that permitted us to allocate percentage shares to further the theatre's work.
Kelly: This plan met all of our goals. We liked the fact that our children could immediately sell the house and stocks with little or no tax due. We were also happy to help the theatre continue their good work.
Kelly: This plan met all of our goals. We liked the fact that our children could immediately sell the house and stocks with little or no tax due. We were also happy to help the theatre continue their good work.