Retirement Assets

If you have an individual retirement plan (IRA), then you have benefitted from income tax savings at the time contributions were made. In addition, your plan has been allowed to grow tax-free. You won’t pay any taxes until funds are withdrawn from the plan by you, or by your surviving heirs. Because they are included as part of one's estate at death, remaining value in these plans can be subject to both income and federal and/or state estate taxes for your heirs. The value of these assets may be significantly reduced, which is contrary to your original intent.

How retirement assets giving works

By naming Salem Hospital as the beneficiary, that charitable distribution totally avoids both income and estates taxes. 100% of the beneficial distribution is available for use in our work. When individuals originally invested in these retirement assets, they typically were not thinking about the potential tax bourdons and resulting loss in value that would accrue to heirs. For these reasons, naming Salem Hospital as a charitable beneficiary may be a valuable strategy to consider.

To learn more about gifting retirement assets and the benefits within your family circumstances, please contact Denise Tioseco, Managing Director, at 978.354.2793.

Individuals who name Salem Hospital as beneficiary of retirement assets qualifies them as members of our Bertram Society.