Retirement Plan Assets
Pass It On
Donating your retirement plan to MICDS is a great way to support our Mission while also providing tax relief for your loved ones. Since the money in an employee retirement plan, IRA or tax-sheltered annuity has yet to be taxed, the people who inherit these types of assets will owe federal income tax when they receive them. A smarter choice is to leave your retirement plan assets to a charity you love, like MICDS, and leave your less heavily-taxed assets to your loved ones. Since MICDS is a non-profit school, we are tax-exempt and will receive the full amount of what you designate to us from your plan. You can take advantage of this gift opportunity in the following ways:
Name us as a beneficiary of your plan. This requires you to update your beneficiary designation form through your plan administrator. Here you can designate Mary Institute and Saint Louis Country Day School as the primary beneficiary for a percentage or specific amount.
With the IRA Charitable Rollover, if you are 70½ years old or older, you can take advantage of a simple way to help those we serve and receive tax benefits in return. You can give up to $100,000 from your IRA directly to a qualified charity such as Mary Institute and Saint Louis Country Day School without having to pay income taxes on the money.
Fund a testamentary charitable remainder trust. When you fund a charitable remainder trust with your heavily taxed retirement plan assets, the trust will receive the proceeds of your plan. The trust typically pays income to one or more named beneficiaries for life or for a set term of up to 20 years, after which the remaining assets in the trust would go to support Mary Institute and Saint Louis Country Day School. This gift provides excellent tax and income benefits for you while supporting your family and our work.
A donor advised fund. When retirement plan assets pass to your heirs, distributions are taxed as ordinary income. This income tax burden can be substantial, greatly reducing the value of the intended gift. Instead, you can designate your donor advised fund as the beneficiary of all or a portion of your retirement plan assets. Your fund receives the full amount of the gift and bypasses any federal taxes.
- Contact Amy Dove at 314-995-7372 or firstname.lastname@example.org for additional information.
- Seek the advice of your financial or legal advisor.
- If you include MICDS in your plans, please use our legal name and federal tax ID.
Legal Name: Mary Institute and Saint Louis Country Day School
Address: 101 North Warson Road, Saint Louis, Missouri 63124
Federal Tax ID Number: Please contact us for our federal tax ID number.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.