About Gifts of Retirement Plan Benefits

Preserve Your Savings for Future Generations of Concertgoers
Most people invest in retirement plans to save for the future and reduce taxes during their earning years. However, when you pass retirement plan assets to your heirs, they are subject to significant tax burdens – often both federal and state taxes. To avoid this scenario, you can make the Philharmonic the beneficiary of your retirement plan benefits. Our charitable tax status makes your gift tax-exempt, leaving a more sizable gift to ensure the enjoyment of future generations of concertgoers.

Choose the Right Plan, Make the Right Gift
Individual Retirement Plans (IRAs), 401(k) plans, profit sharing plans and money purchase plans all qualify for funding a charitable gift to the Philharmonic. For instance, you may choose to make an outright gift by splitting your IRA into two separate IRAs, and name the Philharmonic the beneficiary of one. If, on the other hand, you prefer to retain your retirement plan assets to provide for a spouse or other beneficiary after your lifetime, you may be able to transfer your assets to a charitable remainder trust. This avoids both estate taxes and income taxes on the plan assets designated for the Philharmonic.