Why give retirement plan assets to the Kennedy Center?
To fulfill a desire to make a major contribution to the Kennedy Center. It may be that your retirement plans contain a large portion of your net worth and that it would be the only way you could make a donation of the amount you have in mind. To reduce your taxable estate. Assets passing from retirement plans to qualified nonprofit organizations like The John F. Kennedy Center for the Performing Arts are entirely removed from your taxable estate. This can potentially save your estate thousands of dollars in taxes. To avoid an income tax that would otherwise be due. When retirement plan assets pass to heirs they are subject to federal income tax as well as the federal estate tax. While there is some credit allowed to partially avoid double taxation, the cumulative effect of both taxes can reduce the amount that eventually ends up with your heirs by as much as 75%! If you are considering making gifts to nonprofit organizations as well as to your heirs, you would be wise to give retiremen
