retirement beneficiary designation

Using retirement plan assets to fulfill your philanthropic goals can be far more advantageous than directing these assets to your estate or leaving them to heirs. Distributions from a retirement plan are typically taxable to the recipient if they are not a recognized charitable organization. You may be able to designate one or more of your favorite charities as the beneficiary of your qualified retirement account for all or a percentage of your plan.

How it works

  • You make the Valley Community Foundation the owner and irrevocable beneficiary of your retirement asset (e.g., IRA).
  • You receive a tax deduction for the approximate cost or fair market value, whichever is less. You may receive an immediate tax deduction. 
  • Upon your death, we set up a special fund in your name, in the name of your family, or in honor of any person or organization you choose.
  • Our professional staff administers your fund according to the instructions you provided previously, as an unrestricted, preference, designated or scholarship fund.
  • Our board issues grants in the name of the fund you establish (if you prefer, your awards can be made anonymously).
  • We handle all the administrative details.
  • Your gift is placed into an endowment that is invested over time. Earnings from your fund are used to make grants addressing community needs. Your gift—and all future earnings from your gift—is a permanent source of community capital, helping to do good work forever.

More Benefits

You can make a gift when your retirement assets are no longer needed for personal financial wealth replacement. You may receive a number of tax benefits, including reduced income taxes and estate taxes. 

Address

253-A Elizabeth Street
Derby, Connecticut 06418
Directions

Contact

203-751-9162
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