Often life insurance and retirement plans are a significant portion of your estate. You can name the Foundation as the sole or a percentage beneficiary of your life insurance. Your estate can then receive a deduction for the amount of the proceeds upon your death.
Funds withdrawn during life from a traditional IRA (non-Roth), Keogh, 403(B), or 401(K) are generally subject to income tax. Often retirement assets are pre-tax and when transferred to a beneficiary are subject to income tax. You can donate these retirement assets to the Foundation without paying income taxes. If your estate is subject to estate tax, your estate will also be able to take a charitable deduction, which will reduce the size of the taxable estate.
To take advantage of these programs, complete a new beneficiary designation form with your life insurance company or the institution who holds your retirement asset and name the Casa de la Luz Foundation as the new beneficiary.