By naming Flathead Land Trust as a beneficiary of your IRA, pension plan or other retirement assets, you are creating a revocable commitment to FLT. This is a tax-wise form of giving, as funds designated in this manner are not subject to income tax after your passing. While estate taxes may or may not be a concern for you, all IRA, pension plan and pre-tax retirement assets are subject to income tax when distributed. That is, unless a non-profit institution like FLT is named beneficiary of some or all of the funds.
Changing a beneficiary designation requires obtaining the correct form from your plan administrator and filing the new beneficiary designation form properly. As with bequests, notifying FLT of your intentions gives us the opportunity to thank you for your foresight and generosity while encouraging others to give.
- All IRA, Pension Plan and retirement assets designated to FLT are not subject to probate proceedings and are excluded from federal and state estate taxes.
- All IRA, Pension Plan and retirement assets designated to FLT are also not subject to income tax after your passing unlike assets designated to non-charitable beneficiaries.
For more information or to discuss your legacy gift plans with FLT, contact Paul Travis at:
406-752-8293 or [email protected]