Retirement plan assets offer a great way to support the mission of Baystate Health Foundation (BHF) while also providing tax relief for you and your loved ones.
At any age, name Baystate Health Foundation as a beneficiary of your retirement plan. This gift is simple and flexible; there is no need to modify your will or living trust. Simply complete a beneficiary designation form with your plan administrator to designate a percentage or specific amount for what matters most to you at Baystate Health.
A tax-wise strategy is to make Baystate Health Foundation a full or partial beneficiary of your heavily taxed retirement plan, and leave other assets—cash, securities, real estate—to your heirs to reduce their exposure to double taxation (estate and income taxes).
A qualified charitable distribution (QCD) allows individuals age 70½+ to make a tax-saving, immediate impact on lifesaving care. You can give any amount up to $105,000 annually from your IRA directly to Baystate Health Foundation without having to pay income taxes on the money. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions, and it may lower your Medicare premiums or exposure to Social Security taxes. Plus, once you are 73, you can use your gift to satisfy all or part of your required minimum distribution (RMD). Best of all, your gift makes an immediate impact on lifesaving and life-enhancing care.
We are here to help! To talk through ideas, reach out to Kylie Johnson at 413-794-7789 or
Kylie.Johnson@BaystateHealth.org.