Retirement Plans and Life Insurance
Retirement plans can incur as much as 80 percent in taxes, when passed on to heirs due to double taxation. This significantly reduces the gift amount and the recipient must pay the income tax on the plan.
If you plan to make a legacy gift to North Dakota Cowboy Hall of Fame (NDCHF), consider naming us the beneficiary of your IRA, 401(k), pension or other retirement plan and leaving other assets to your family. Naming us as the primary beneficiary avoids all income and estate taxes on the retirement plan.
To make the designation, advise your plan administrator of your decision and complete and sign the appropriate form.
Many individuals have life insurance policies whose benefits they no longer need. If this applies to you, consider naming us the beneficiary and assign us policy ownership. This qualifies you for a charitable deduction; and by removing the life insurance policy from your estate, you may reduce your estate taxes.
Please inform us of your plans
By informing NDCHF of your gift, you help us prepare for the future. Equally important, you give us the chance to thank you for your generosity. To notify us of your intentions, please contact us.