IRA or Retirement Account Designations
If you’re considering supporting both loved ones and VIPS at your death, your estate may reap substantial tax savings by thoughtfully planning which assets will be distributed to heirs and which will be distributed to charity. Using retirement plan/IRA assets is an excellent way to satisfy your charitable intentions because those same assets left to heirs may be significantly eroded by income and estate tax, leaving them with much less than what you intended.
You can change your beneficiary designation at any time during your lifetime.
You retain ownership and control of your assets during your lifetime since they won’t pass to VIPS until your death.
Income Tax Savings
Assets from your retirement plan/IRA which pass to VIPS at your death are not subject to income tax. If those same assets pass to heirs at your death, they may be subject to an income tax rate as high as 37%.
Estate Tax Savings
Although only a small percentage of individuals will incur estate tax at their death, those individuals who are subject to estate tax can benefit from having charitable provisions in their estate plan since assets distributed to charity at death won’t be subject to estate tax. Retirement plan/IRA assets distributed to heirs at your death may be subject to an estate tax rate as high as 40%.
Need more information?
Contact the Development Office for more information! Complete the form below or call (502) 498-2930.
How to name VIPS as a beneficiary
To name VIPS as a beneficiary of your retirement plan/IRA, simply obtain a Beneficiary Designation Form from your broker and name VIPS as a beneficiary using the following legal name and address: Visually Impaired Preschool Services, 1906 Goldsmith Lane, Louisville, KY 40218, Federal Tax ID #61-1061973.
Donor-Advised Fund Designations
Just as you can include a charity as a beneficiary of your IRA or insurance policy, you can name VIPS as the successor beneficiary of your Donor Advised Fund. You can create a lasting legacy by naming VIPS the beneficiary of the entire account or a percentage of the fund. With a percentage, you can create a family legacy of giving by naming your loved ones as your successor to continue recommending grants to charitable organizations. Contact your fund administrator for a beneficiary form.
Visually Impaired Preschool Services
1906 Goldsmith Lane
Louisville, KY 40218
Federal Tax ID #61-1061973