Leave a Legacy with the Maine Public Broadcasting Network
Designating MPBN as the beneficiary of a retirement account such as 401k, 403(b), IRA and other retirement accounts causes the charitable gift to be deductible for income tax or estate tax purposes.
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 MPBN and receive significant tax savings. Retirement plan assets are fully taxable when received by an individual beneficiary.
By naming MPBN 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 MPBN 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.