Making a gift of a qualified retirement plan asset such as a 401(K), 403(b), IRA, Keogh or pension plan is another way to benefit the hospital and receive significant tax savings. Retirement plan assets are often subject to extremely high estate taxes, and the income is fully taxable when received by an individual beneficiary.

By naming The Broward Education Foundation as the beneficiary of a retirement plan, the donor maintains complete control over the assets during his/her lifetime, but at the donor’s death the plan passes to The Broward Education Foundation free of both estate and income taxes. When creating an estate plan, donors may wish to consider leaving his/her heirs other assets, such as cash and securities, which are not as highly taxed.