When you allocated a percentage of your paycheck to be used for building your retirement plan, you did so with the goal of having enough to live on after your working years. Perhaps you even planned on leaving what was left to your loved ones. What you probably didn’t plan on was having a substantial chunk consumed by taxes after your lifetime.
A Win-Win Solution
How can you ensure that your hard-earned dollars won’t be consumed by taxes after you’re gone? Consider leaving them to Texas Parks and Wildlife Foundation (TPWF).
Leaving your retirement plan assets to us after your lifetime eliminates any income taxes. This means that we can put the full value of your retirement plan assets to good work supporting the wild things and wild places of Texas.
It doesn’t have to be all or nothing, though. A gift of a small percentage of your retirement plan assets can also make a big difference.
Example: Providing for Family and Us
Roger has a retirement account worth $100,000. He would like to provide for his daughter, Joy, after his lifetime, as well as TPWF.
If he leaves his retirement account to Joy, it will be subject to income taxes at Joy’s marginal income tax rate of 32 percent. If Roger leaves the account to TPWF instead, we will receive the full $100,000 because we are a tax-exempt entity.
Roger decides to leave the retirement plan assets to us and provide for Joy by naming her as the beneficiary of other assets in his estate that carries less of a tax burden, such as life insurance and real estate.
Interested in learning more about how Texas Parks and Wildlife Foundation can help you plan for the future? Contact Susan Walters at 214.720.1478 or swalters@tpwf.org to start a conversation today.
