Donating retirement assets
Donating retirement assets to charity is an easy, tax-efficient way to fund your legacy. A retirement plan can be a simple way to include a charity, like St. Jude, in your estate plan.
Benefits of donating retirement assets to charity
Most people do not use all of their retirement assets during their lifetime, and those unused assets can be used to make a gift to St. Jude.
There are several benefits to donating unused retirement funds and assets:
● Cultivating a better world: When you designate a charitable organization, like St. Jude, as the beneficiary of your retirement assets, you're making a difference in the world long after your passing. You’ll have the satisfaction of knowing the money that would have otherwise gone unspent is contributing to a better future for those left behind.
● Financial control: Donors retain ownership and full control over their assets during their lifetime and are free to update their beneficiaries at any time. Charities, like St. Jude, will receive distributions only after the donor’s passing.
● Tax savings: There can be both income and estate tax benefits when it comes to donating retirement assets directly to charities, like St. Jude, upon your passing. In the event of your passing, the intended charity would inherit assets from the chosen IRA. That money would not be taxed as income.
How to donate through a retirement plan:
Many people who choose to donate their retirement assets to a charity will do so through a beneficiary designation. The beneficiary designation allows the donor to direct their assets held in an IRA, 401(k) or other retirement account to the charity of their choice upon their passing.
If you decide to designate a charity, like St. Jude, as the beneficiary of your retirement plan, consider the following actions:
- If you are married, check to determine whether or not your spouse consents to the designation. Failure to obtain spousal consent could result in a disqualification of the beneficiary designation.
- Ask your plan administrator to provide you with the appropriate forms.
- Name St. Jude as a beneficiary on your plan’s beneficiary designation form. Make sure the plan administrator or financial institution receives a copy of your beneficiary designation by requesting a written confirmation of receipt.. Learn more about legacy giving at St. Jude.
ALSAC/St. Jude Children’s Research Hospital does not provide tax, legal or accounting advice. This material is prepared and made available to you for informational purposes only and is not intended to provide or be relied upon for tax, legal or accounting advice. You should always consult a tax professional to determine your particular tax benefits that may result from any particular type of gift to charity.
Have you left St. Jude in your estate plans?
We want to honor your generosity in a special way. Please let us know so that we can show our gratitude and better plan for the future.
Explore planned giving options
- Planned giving at St. Jude
- Creating a legacy
- Wills and bequests
- Donor-advised funds
- Charitable gift annuities
- Retirement assets
- Life insurance
- Charitable lead trusts
- Charitable remainder trusts
- Bank accounts
- Mutual funds
- Savings bonds
- Outright gift of cash or check
- Real estate
Why donate retirements assets to St. Jude?
Families never receive a bill for treatment, travel, housing or food — so they can focus on helping their child live.
When St. Jude opened in 1962, childhood cancer was considered incurable. Since then, St. Jude has helped push the overall survival rate from 20% to more than 80%, and we won't stop until no child dies from cancer.
Every child deserves a chance to live their best life and celebrate every moment. When you support St. Jude, you help give kids with cancer around the world that chance. Together, we can save more lives.
Tax ID Number:
We are a tax-exempt, charitable institution listed in the Federal Internal Revenue Service Publication #78, "Cumulative List of Organizations," revised IRS Code 501(c)(3).
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Our Gift Planning department has a representative in your area who can provide further information on donating retirement assets to charity or help you prepare the right questions to ask your financial advisor to determine what type of planned gift may be right for you. Email firstname.lastname@example.org, call (800) 395-1087, or fill out the form below, and a St. Jude representative will contact you.