Gifts of Retirement Plan Assets

Did you know that your retirement plan assets face double to triple taxation?

Except for your spouse, the heirs who receive distributions from a retirement plan can find themselves subject to as many as three types of taxes: income tax, estate tax, and generation skipping transfer tax. These taxes can reduce the value of your plan by 70%. By contrast, other assets in your estate can be passed to survivors free of income tax.

The result of these different taxes is that the value of the retirement plan can be dramatically reduced. If you can make other provisions for your family from your estate, there’s a better option for your retirement plan—a charitable gift to the Oakland Museum of California. Upon the death of the retirement plan participant, the assets can pass tax-free to the charity.

Naming the museum as a retirement plan beneficiary is an excellent way to benefit the community, bringing to it the wonders of the museum of California for generations to come. And designating the museum as the beneficiary of a retirement plan can be done simply and with no expense, by contacting the administrator of your retirement plan.

To name the museum as a beneficiary of your plan, you will need the following information: The Oakland Museum of California Foundation is a California nonprofit corporation, located at 1000 Oak Street, Oakland California, 94607. The Oakland Museum of California Foundation was incorporated in the State of California in 1991 and is classified as tax-exempt under Internal Revenue Code 501 C 3. The tax I.D. number is 94-3094513.

Since some retirement plans place restrictions on how and when transfers and distributions may be made we recommend that you review your situation with your retirement plan administrator, attorney or financial advisor.

Naming the Museum as a Beneficiary of a Life Insurance Policy

You may find that a life insurance policy once necessary for your family’s security is no longer needed because your children are now independent and other assets are providing adequate income and resources for the future. One of the simplest ways to make a gift to the museum is to name the Oakland Museum of California Foundation as the future beneficiary of the policy.

Friends of the museum can also name the museum as the beneficiary of life insurance included as part of their employee benefits package. Occasionally, some corporations offer their officers and executives the benefit of naming a charity to receive a future gift of life insurance based on the employee’s life.

A life insurance policy may be an easy and effective way to provide a substantial gift for the future of the museum.

1. Contact your insurance company for the appropriate forms to designate the museum as your beneficiary.

2. To name the museum as a beneficiary of your plan, you will need the following information: The Oakland Museum of California Foundation is a California nonprofit corporation, located at 1000 Oak Street, Oakland California, 94607. The Oakland Museum of California was incorporated in the State of California in 1991 and is classified as tax-exempt under Internal Revenue Code 501 C 3. The tax I.D. number is 94-3094513.

Contact us for more information