Gifts of Retirement Assets
Donating part or all of your unused retirement assets, such as your IRA, 401(k), 403(b), pension or other tax-deferred plan, is an excellent way to make a gift to Catholic Medical Mission Board, Inc..
If you are like most people, you probably will not use all of your retirement assets during your lifetime. You can make a gift of your unused retirement assets to help further our mission.
Benefits of gifts of retirement assets
- Avoid potential estate tax on retirement assets
- Your heirs would avoid income tax on any retirement assets funded on a pre-tax basis
- Receive potential estate tax savings from an estate tax deduction
How to make a gift of retirement assets
To leave your retirement assets to Catholic Medical Mission Board, Inc., you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate Catholic Medical Mission Board, Inc. as beneficiary, we will benefit from the full value of your gift because your IRA assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift.
More on gifts of retirement assets
Did you know that 60%-70% of your retirement assets may be taxed if you leave them to your heirs at your death? Another option is to leave your heirs assets that receive a step up in basis, such as real estate and stock, and give the retirement assets to Catholic Medical Mission Board, Inc.. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.
If you want to make a qualifying transfer, contact your IRA plan administrator, and instruct that person to transfer funds to CMMB. You may need to provide the IRA plan administrator with the following CMMB information.
Our Legal Name: Catholic Medical Mission Board, Inc.
Address: 33-01 11th Street, Long Island City, NY 11106
Tax ID. Number: 13-5602319
President/CEO: Mary Beth Powers
Contact: Nancy Smith, Planned Giving Officer
Phone Number: 212-609-2565
Email: [email protected]
Contact us
If you have any questions about gifts of retirement assets, please contact us. We would be happy to assist you and answer any questions that you have.
Please let us know if you have already included Catholic Medical Mission Board, Inc. as a beneficiary of your retirement assets. We would like to thank you and recognize you for your gift.