Beneficiary of IRA/Retirement Plan

Did you know that once you turn 70 ½, the IRS requires you to withdraw a minimum amount from most retirement accounts? This is called a Required Minimum Distribution (RMD). If you're at this stage, and you prefer not to withdraw the funds for personal use, there's an advantageous option for you that not only benefits a charitable cause but also offers a tax benefit—donating via a Qualified Charitable Distribution (QCD). This approach allows you to donate your RMD directly from your retirement account or IRA to a charity, like Eva’s Village, circumventing the taxes typically applied upon withdrawal.  
For those who don't need the additional income from an RMD, choosing to perform a QCD can be an excellent way to both support meaningful charitable work and enjoy tax benefits. Furthermore, you have the opportunity to name Eva’s Village as a beneficiary of your IRA or other qualified retirement benefits. It's wise to consult with a tax advisor about the tax advantages of such gifts. By naming Eva’s Village as the beneficiary of assets like a 401(k), 403(b), IRA, Keogh, or profit-sharing pension plan, you ensure a charitable purpose is met while gaining significant tax savings.  
Transitioning these assets to heirs can often be financially burdensome due to high tax obligations. However, by designating Eva’s Village (Tax ID #22-2424542) as a retirement plan beneficiary, you maintain control over your assets during your lifetime. Then, at your passing, the plan seamlessly supports Eva’s Village without incurring estate or income taxes. 
Making a charitable gift from your retirement plan is straightforward and avoids the need for legal fees. You simply need to request a change-of-beneficiary form from your plan administrator. After completing the form, return it to your administrator and notify Eva’s Village of the arrangement. By making this thoughtful decision, you ensure your legacy continuously supports worthy causes. ​