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Giving Through Your Retirement Plan

Want to get the most value from your retirement savings, protect your family from heavy taxes and leave a legacy to the Radiation Oncology Institute? Consider leaving a portion of your retirement plan assets to the Radiation Oncology Institute to support the future of radiation oncology.

Retirement plans (such as IRAs, 401(k)s and other qualified plans) provide a very simple way to make a charitable gift. You do not need to change your will. To implement your wishes, simply advise your retirement plan administrator that you wish to change your beneficiaries and sign the required forms. When you complete the forms, you will want to use the legal name of the Institute, “Radiation Oncology Institute,” and you may need the address, 251 18th Street South, 8th Floor, Arlington, VA 22202, and/or the tax identification number 51-0178702.

If you pass away with retirement plan assets designated for your heirs, those assets will be subject to income taxes, since income taxes were not paid when the funds went into your plan, as well as estate taxes. Paying income taxes can reduce significantly the amount that normally would pass to heirs. In contrast, as a nonprofit organization, the Radiation Oncology Institute is tax-exempt and eligible to receive the full amount and bypass any federal taxes.

Your gift options with your retirement plan:

  • Designate the Radiation Oncology Institute as one of the beneficiaries for a percentage of your retirement plan assets. (You may have other beneficiaries receiving other portions of your retirement assets.)
  • Designate a specific amount to be paid to the Radiation Oncology Institute before the remainder is divided among family and/or other beneficiaries.
  • Make the Radiation Oncology Institute the contingent beneficiary to receive the balance only if your primary beneficiary does not survive you.

Advantages of giving through your retirement plan:

  • If your family’s circumstances change, you can alter the percentage or the amount left to the Radiation Oncology Institute by changing your beneficiaries at any time.
  • You can avoid having both income and estate taxes levied on the retirement assets by leaving those assets to the Radiation Oncology Institute.
  • You can continue to make withdrawals from your retirement plan during your lifetime.

Retirement plans are ideal to transfer to a nonprofit like the Radiation Oncology Institute because of the tax burden these plans may carry if paid to non-charitable beneficiaries, including your children and/or other individuals.