Retirement Plan Asset is a future gift to the Lucy Robbins Welles Library with tax savings for your heirs.
After providing for yourself and your family, a gift to the Lucy Robbins Welles Library of retirement plan assets can be a very tax-effective way to support the Library. You can designate that the Lucy Robbins Welles Library receive any remaining assets of your IRA, KEOGH, TIAA-CREF, or other qualified pension or profit-sharing plan. By doing so, you maintain complete access to the assets during your lifetime, and any gifts that later come to the Library can be deducted from your taxable estate, possibly saving your heirs from significant estate and income taxes.
Your pension plan administrator or financial institution can provide you with the necessary form to designate the Lucy Robbins Welles Library as a successor beneficiary. If you are considering a gift of retirement assets, please contact the Library Director so we may discuss with you the eventual use of your gift and describe the special tax savings for you and your family.
Benefits of Gifts of Retirement Plan Assets
No negative impact on your current assets
Can reduce estate tax and potential income tax to heirs
Gifts can be designated for the Library’s unrestricted fund or to a program or purpose of your choice