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Ways to Give - Retirement Plan & IRAs

Millions of Americans take advantage of retirement opportunities such as IRA’s, 401(k)s or other qualified plans. These plans allow people to delay payment of taxes on money they save for future use. The retirement funds then grow income tax free until the time of withdrawal by the owner of the funds.

But retirement accounts can be subject to a combination of federal and state income and estate taxes that can seriously erode their value. Retirement savings are subject to federal and state income tax as received, either by the retiree or the retiree’s heirs. Because retirement assets are included as part of the taxable estate at death, the assets in qualified retirement plans can also be subject to federal and state estate taxes.

How it works:

While retirement assets are often overlooked as potential charitable gifts, they can be a convenient, tax-favored giving option for charitably minded individuals. Careful planning for the disposition of retirement plan assets can help to avoid undesirable tax costs. Properly structured gifts of retirement account balances can improve the donor’s overall tax consequences, increase the amounts passing to heirs and escape income and estate taxes.

The gift of a qualified retirement plan or IRA is one of the most complex types of gifts. It is suggested that if a donor is interested in this type of gift, one of the University of Maine Foundation’s professional giving officers should be contacted to work with the donor, the donor’s financial advisor, accountant, or lawyer. Giving officers are ready to work with you and your advisors and may be reached Monday-Friday between the hours of 8 am and 5 pm by calling 1-800-982-8503 or 207-581-5100.

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Contact Information

Office of University Development
101 College Avenue
Orono, ME 04473
Phone: (800) 671-7085 or (207) 581-1151
The University of Maine
Orono, Maine 04469
A Member of the University of Maine System