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Gifts of Retirement Assets

Donating part or all of your unused retirement assets, such as your IRA, 401(k), 403(b), pension or other tax-deferred plan, is an excellent way to help the Outer Banks.

Renewed legislation allows you to give more to charity, fulfill your required IRA distribution, and pay less in taxes.

Here's how it works:

  • You make a gift of up to $105,000 by transferring IRA assets to the Outer Banks Community Foundation. You must be at least 70 ½ years old. If married, each spouse can transfer up to $105,000 from his or her IRA annually.
  • Your gift can be placed into a charitable fund in your name, the name of your family, or in honor of any person or organization you choose. We handle all administrative details.
  • Your gift can be placed into an endowment that is invested and will grow over time. Grants addressing community needs will be made forever.
  • To include the Community Foundation in your plans, please use our legal name and federal tax ID. Please let us know about your gift, so we can make sure your intentions are known to us and your goals are honored.

    Legal Name: Outer Banks Community Foundation
    Legal Address: 13 Skyline Road, Southern Shores, NC 27949
    Federal tax ID: 58-1516313

If you are like most people, you probably will not use all of your retirement assets during your lifetime. You can name Outer Banks Community Foundation as a beneficiary and make a gift of your unused retirement assets to create a new fund, with a name and purpose of your choosing; or contribute to one of more than 200 existing funds, including the Community Fund, our largest grant-making fund, which supports key projects of scores of Outer Banks charities.

Find out more about establishing a fund here.

Gift of Retirement Assets
Retirement Assets
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Benefits of gifts of retirement assets

  • Avoid potential estate tax on retirement assets
  • Your heirs would avoid income tax on any retirement assets funded on a pre-tax basis
  • Receive potential estate tax savings from an estate tax deduction

How to make a gift of retirement assets

There are a few ways you can contribute to the Community Foundation from your retirement accounts. If you are at least 70½ years of age, you can now contribute directly from your IRA each year, tax-free, up to $105,000. Your contribution may count toward your required minimum distribution, and could even move you into a lower tax bracket. Talk to your tax advisor to see if this would benefit you.

You may also wish to include your retirement assets in your planned giving; after all, while very attractive from a tax standpoint during lifetime, retirement assets can be very heavily taxed at the end of life. To avoid these taxes, you can name the Community Foundation as a beneficiary (or even contingent beneficiary) of your IRA, 401k, 403b, or similar retirement account. There is no cost to do so, and the beneficiary can be changed at any time; simply complete a short beneficiary form with your retirement plan administrator.

Contact us

If you have any questions about gifts of retirement assets, please contact us. We would be happy to assist you and answer any questions that you have.

Please let us know if you have already included Outer Banks Community Foundation as a beneficiary of your retirement assets. We would like to thank you and recognize you for your gift.

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