Retirement Plan Assets
A future gift to Michigan Tech with two-fold tax savings
After providing for yourself and your family, a gift of retirement plan assets to the Michigan Tech Fund can be a very tax-effective way to support Michigan Tech. By designating the Michigan Tech Fund to receive any remaining assets of your traditional IRA, 401(k), qualified pension, or profit-sharing plans, you retain complete access to the assets during your lifetime. Any gifts that later come to Michigan Tech 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 Michigan Tech Fund as a beneficiary.
If you are considering a gift of retirement assets, please contact us for more information. Our staff will describe the tax savings for you and your family; we also look forward to hearing what you wish to accomplish with your gift and helping you make it a reality.
Benefits of gifts of retirement plan assets
- Gift made from most highly taxed assets, leaving more for your family
- Potential reduction of estate and income taxes
- No impact on the assets during your lifetime
- Simple way to make a future gift to the Michigan Tech program of your choice
If you have any questions about retirement plan assets, please contact us. We would be happy to assist you and answer any questions that you have.
As an alternative to leaving retirement assets to loved ones, consider leaving appreciated stock instead. Your heirs will receive the stock income tax-free and with a basis equal to its value when the stock is received. Income tax is due only when the stock is sold, and only the amount in excess of the stepped-up basis is subject to tax.