Retirement Fund Assets: IRAs and 401ks

Gifts from IRAs and 401ks can be an impactful gift to charity. Unlike Roth assets which are generally tax free to a recipient, non-Roth retirement accounts can sometimes be taxed twice before they get to a beneficiary. You can gift these assets to the Community Foundation of Greater Flint.

How it Works

Name the Community Foundation of Greater Flint as a 100% beneficiary of an account and start a fund in your family’s name. Or, indicate that the Community Foundation is a beneficiary of a certain percentage of the account and the remainder can go to individual beneficiaries. Another option is to name the Community Foundation as a contingent beneficiary so that if a primary beneficiary doesn’t survive you, it works toward your charitable goals.

The tax-free charitable IRA is an option if you are age 70 ½. If married, each spouse can transfer up to $100,000 from his or her IRA annually, tax free. Your gift can be placed into a charitable fund in your name, the name of your family, or in honor of any person or organization you choose. Grants addressing the community need you've identified will be made forever.

Sitting around their kitchen table in a peaceful neighborhood in Grand Blanc, Kamal and Shashi Gupta reflect on the philanthropic values they share together as a couple, and as a family.

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