Choosing the Cancer Support Community Valley/Ventura/Santa Barbara (CSCVVSB) as a beneficiary of a 401K or IRA is an easy way to make a huge impact - one that will leave a legacy of hope for cancer patients and their families in our community.
Alan Hopkins, Chief Economic Strategist for Manchester Financial, a past CSCVVSB board member, former board chair, and current CSCVVSB Board of Trustees member, took the time to walk us through the process.
Q: Let's say I want to designate CSCVVSB as a beneficiary of my 401K or IRA. What is the first step I need to take?
A: Request a change of beneficiary form from your current custodian or plan administrator. You can then list (or designate) CSCVVSB to receive a certain percentage of the account.
Q: Are there any tax-related or other advantages for the donor?
A: Yes, an IRA is the BEST way to leave money to a charity! Because a charity does not have to pay taxes on this gift, they will actually receive 100% of the amount donated from an IRA. And remember, you also have never paid taxes on these funds.
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