Like many Americans, you are probably aware that the accumulation of assets in your retirement plan is the basis for a financially secure future. To preserve your retirement assets after your lifetime, consider the benefits of using them in a completely different way.
Retirement accounts are often exposed to income taxes and estate taxes at a combined marginal rate that could rise to 65 percent or even higher on large, taxable estates. Yet many of these taxes can be avoided or reduced through a carefully planned charitable gift. Your account can pass directly to a charitable organization such as The John and Mable Ringling Museum of Art, or it can be transferred to a deferred giving arrangement that will pay an income for life to a family member, after which the remaining assets pass to the Museum. Once received, the assets from your retirement plan can be used to support the area or program of your choice.
The simplest way to leave the balance of a retirement account to The John and Mable Ringling Museum of Art/FSU Foundation after your lifetime is to list The John and Mable Ringling Museum of Art as the beneficiary on the beneficiary form provided by your plan administrator. For an IRA or Keogh plan you administer personally, notify the custodian in writing and keep a copy with your valuable papers. If your custodian requires verification of our organization’s tax-exempt status, give them our Federal Tax ID Number: 59-6214423.
Finally, if you’d like to restrict the gift that will eventually come from your retirement plan account to a particular area or program within the Museum, please let us know so we can make sure our records reflect your exact wishes.