Gifts of Retirement Assets
Donating part or all of your unused retirement assets from your IRA, 401(k), 403(b), pension or other tax-deferred plan is an excellent way to make a gift to Summa Health.
Like most people, you probably will not use all of your retirement assets during your lifetime. You can make a gift of your unused retirement assets to help advance the mission of Summa Health to provide the highest quality, compassionate care to patients and their families.
Benefits of gifts of retirement assets
- You avoid potential estate tax on retirement assets.
- Your heirs would avoid income tax on any retirement assets funded on a pre-tax basis.
- Your heirs could receive potential estate tax savings from an estate tax deduction.
How to make a gift of retirement assets
To leave your retirement assets to Summa Health, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate Summa Health as the beneficiary, the health system will benefit from the full value of your gift because your IRA assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift.
More on gifts of retirement assets
Did you know that 60 percent to 70 percent of your retirement assets may be taxed if you leave them to your heirs at your death? Another option is to leave your heirs assets that receive a step-up in basis, such as real estate and stock, and give the retirement assets to Summa Health. As a charity, we are not taxed upon receiving assets from an IRA or other retirement plan.
Contact us
If you would like more information about gifts of retirement assets, please contact us. We would be happy to assist you.
Please let us know if you have already included Summa Health as a beneficiary of your retirement assets. We would like to thank you and recognize you for your gift.
