Retirement Accounts

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Individuals, 70 1/2 years of age and older can transfer up to $100,000 of IRA assets directly to a charity without the money being included as income.

Beneficiary Designation Forms (TOD or POD)

Most people feel that if they have a will or trust they are finished with their estate planning and the important work of disposing of their earthly assets. This assumption is not accurate because many of a person’s assets are not covered by a will or trust.

  • Retirement assets, i.e., 401(k) plan; 403(b) plan; Individual Retirement Account (IRA) can be transferred at death by a beneficiary designation form that you as the donor must fill out with the plan’s administrator. Check with your financial planner on the tax consequences with retirement plan assets.
  • Bequeathing retirement assets is an excellent way to support the Parish, the Grade School or other agencies in the diocese because the assets pass tax-free.
  • Insurance policies, financial accounts like bank or brokerage accounts, Certificates of Deposit (CDs) and U.S. Savings Bonds are other assets that must be designated in the estate plan.
  • As the owner of these assets, you as the Parishioner must complete the proper beneficiary designation forms which are referred to as either Transfer-on-Death (TOD) or Pay-on-Death (POD) forms.

Be sure to keep your beneficiary designations on these assets up to date to reflect where you want your gift to go upon your death. St. Catharine of Siena Church and St. Catharine School are honored you would consider them as options for your retirement plan assets, insurance policies and financial accounts.

For more information on IRA gifts to St. Catharine, please consult your financial advisor and remember to include the name of our school “St. Catharine School, Columbus, Ohio” on any beneficiary forms.

To request more information, contact our Development Office at (614) 231-4509 ext. 317 or email us at: info@stcatharine.com

 

Disclaimer

Information provided herein is not intended as tax or legal advice and cannot be relied upon to avoid statutory penalties. Always check with your tax and financial advisers before implementing any gift.

 

 

 

 

 

St. Catharine School