Donating Retirement Assets

A Better Way to Give

Did you know donating all or part of your unused retirement assets is an easy and excellent way to make a gift to The Friends?

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 The Friends mission.

Why it's beneficial for you to give retirement assets:

  • Your heirs will avoid income tax on any retirement assets funded on a pre-tax basis, and
  • Your estate will receive a deduction on estate tax and avoid potential estate tax on retirement assets.

Making a gift with retirement assets is one way to leave a lasting impact on your community and to ensure that our library will be strong for generations to come.

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Happy mature woman using a laptop at home

The process is easy. Here's how it works.

  1. Request a Beneficiary Designation Form from your retirement plan custodian.
  2. Designate The Friends of the Saint Paul Public Library as beneficiary of all or part of your retirement assets.

That's it!

As beneficiary, The Friends will benefit from the full value of your gift because charities are tax-exempt and can withdraw the assets without paying incoming taxes on your pre-tax funded assets. Your estate will benefit from an estate tax charitable deduction for the gift. You can add or change beneficiaries, including charities, without the expense of a lawyer.

Let us know!

Please let us know if you have included The Friends in your estate plans. We would like to welcome you into the John & Myrtle Briggs Circle so you receive an invitation to our donor events.

DISCLAIMER: The Friends does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. If you have questions, you should consult your own tax, legal and/or accounting advisors before engaging in any transaction.