Gifts of Life Insurance, IRAs, and Retirement Plans

These plans can be an excellent way to leverage your charitable gift while reducing the effect of taxes on your assets passing to loved ones.

Contribution of a life insurance policy will permit you to claim an income tax deduction for the amount you have paid on the policy. Policy proceeds also are excluded from your estate.

Making Penn College the beneficiary of an IRA, profit sharing, or other qualified retirement plan can eliminate two levels of tax, because this qualified money, if left to a family member, can be subject to both income and estate taxes.

If left to Penn College, the gift avoids both income and estate taxes.

The Penn College Institutional Advancement Office is not engaged in providing legal or tax advisory services. This information is of a general character only, and is subject to changes in state and federal tax laws, regulations and interpretations. For advice and assistance in specific cases, you should enlist the services of an attorney or other professional tax or financial advisor(s).

The Pennsylvania College of Technology Foundation, Inc. and Pennsylvania College of Technology are non-profit 501(C)(3) tax exempt organizations.

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