Giving Retirement Funds

Qualified retirement plan assets (such as those in an IRA, 401k, Keogh or pension plan) often represent a major portion of one’s estate. Retirement plan benefits are subject to federal estate taxes and can give rise to a substantial income tax liability to the beneficiary who receives them. Directing qualified retirement benefits to the NBSO, while directing other assets without income tax consequences to your family, can increase the benefits to all. This typically can be easily done by changing the beneficiary on the account. Other double tax assets include U.S. Savings Bonds and commercial annuities.

Please consider talking with a financial advisor, estate planning lawyer or other qualified advisor regarding a will, a living trust or whatever else may best suit your unique needs. Tax laws and gift options continue to change, and it is best that you understand all your options.