Retirement Plan Beneficiary

A “Retirement Plan Beneficiary” refers to the designation of beneficiaries for assets held in retirement plans, such as IRAs or 401(k)s. When planning to leave assets to both heirs and a charitable organization such as the California Art Club, it’s essential to consider the tax implications. Leaving a retirement plan to a charity typically results in no tax liability, maximizing the value of the charitable gift. In contrast, if the plan is left to heirs, they may be subject to taxation on the amount they receive as ordinary income. For further information and guidance on this matter, please speak with your personal financial advisor.

For further assistance and consultation, feel free to reach out to the California Art Club office via phone at 626.583.9009 or by emailing us at cac@californiaartclub.org.