IRA Designation

Most Individual Retirement Accounts (IRAs) are income tax–deferred, meaning that income tax is not paid until the funds are distributed to you in life or upon your death. This taxation makes retirement assets among the most costly assets to distribute to your loved ones. The naming of a nonprofit, such as the Land Trust, as the beneficiary of retirement assets upon death generates no income taxes. The Whidbey Camano Land Trust is tax-exempt and eligible to receive the full amount of an IRA, allowing you to bypass any income taxes. Just a few simple steps can help you make a tax-wise planned gift from your IRA.