The simplest planned gift of all, and the most tax efficient, is made from a tax-deferred retirement plan: 401 (k) plans, 403 (b) plans, and individual retirement accounts (IRAs). Left as part of an estate, tax-deferred assets will be subject to income tax and possibly other forms of taxation. Where qualified, however, naming Christ Church Cathedral as a beneficiary of a retirement plan allows the gift to pass directly to the Cathedral free of any taxes.
This is also one of the easiest gifts to put in place. In most instances, simply go to the website of the trustee or custodian of the plan and change the beneficiary designation. Like a bequest from a will or trust, the gift may be a specific dollar amount or a percentage of the plan assets.
As with all planned gifts, we encourage you to consult your attorney or financial advisor to discuss the best options for you.
To designate Christ Church Cathedral as a retirement plan beneficiary, the Cathedral’s tax ID number is 62-0505209.
Please consider sending a copy of your beneficiary form to the Cathedral for our records.