Make AGF Your Retirement Plan Beneficiary
You may name The Andrew Goodman Foundation, Inc. as a beneficiary of your IRA or other qualified retirement benefits. Donors should consult with their tax advisor regarding the tax benefits of such gifts.
If you are eligible to make withdrawals from your IRA, they may be taxable depending on your specific IRA. However, if you wish to make a contribution out of your IRA to the Andrew Goodman Foundation, it will be tax free, up to a limit of $100,000, and such a contribution will qualify you for your annual IRA distribution depending on what you are required to withdraw each year. You should contact your tax consultant before using your IRA as the source of a contribution to the Andrew Goodman Foundation.
Naming The Andrew Goodman Foundation, Inc. as the beneficiary of a qualified retirement plan asset such as a 401(k), 403(b), IRA, Keogh or profit sharing pension plan will accomplish a charitable goal while realizing significant tax savings. It can be costly to pass such assets on to heirs because of heavy tax consequences. By naming The Andrew Goodman Foundation, Inc. as a beneficiary of a retirement plan, the donor maintains complete control over the asset while living, but at the donor’s death the plan passes to support The Andrew Goodman Foundation, Inc. free of both estate and income taxes.
Making a charitable gift from your retirement plan is easy and should not cost you any attorney fees. Simply request a change of beneficiary form from your plan administrator. When you are done, please return the form to your plan administrator and notify The Andrew Goodman Foundation, Inc. Once you decide to designate The Andrew Goodman Foundation, Inc. as a beneficiary, simply provide the address and tax identification number, as follows, on your beneficiary designation form. Please contact us if you need further assistance.
The Andrew Goodman Foundation, Inc.
55 Exchange Place
New York, NY 10005
Tax ID#: 13-6207568
If you or your attorney would like The Andrew Goodman Foundation to provide you with customized beneficiary language that is specific to your goal and interest, please contact us.