Designate Bishop John A. Marshall School as a beneficiary of your retirement plan assets.
When retirement plan assets pass to your heirs, these assets can be subject to both estate and income taxes, which can total more than 65% of the assets. Many donors are electing to avoid these taxes by designating Bishop John A. Marshall School as the beneficiary of their retirement accounts and designating other assets to family members.
Make the Most of Your IRA Gift |
||
| Categories | Distribution of Heirs | Distribution to Bishop John A. Marshall School |
| Retirement Plan Asset Value | $100,000 | $100,000 |
| Income Taxes at 39.6% | ($39,600) | 0 |
| Federal Estate Taxes at 35% | ($35,000) | 0 |
| Savings from §691(c) Deduction* | $9,800 | N/A |
| Net Gift | $35,200 | $100,000 |
*Income tax deduction available to heirs for a portion of estate taxes paid.
To learn more about retirement plan assets or to notify us of your planned gift, please contact: Michelle Tomlinson, Development Coordinator at mtomlinson@bjams
Bishop John A. Marshall School does not provide legal or tax advice. Please consult your professional advisor prior to entering into any planned giving arrangement.
