Retirement Plans: Unlike other assets, retirement funds (such as an IRA, Keogh, 401 (k) or other tax deferred plans) are potentially subject to “double taxation” at your death. Because these funds are “tax deferred” savings, the income taxes on these monies are due when you withdraw the funds, or upon your death. These funds may also be subject to possible estate taxes. However, a gift of a retirement fund to a nonprofit organization, such as Loveland Habitat for Humanity, is not subject to estate tax or income tax. If you are considering a legacy gift to Habitat, you may want to name Loveland Habitat for Humanity as the beneficiary (or partial beneficiary) on your retirement fund designation form, and designate other appreciated property to your heirs. (Retirement Plan gifts and Life Insurance gifts cannot be designated through a Will or Living Trust.)
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