Retirement Plan Assets

Tax Relief For Loved Ones

Retirement plan assets are a great way to support the work at a Providence foundation because they not only help support our mission, but they also can provide tax relief for your loved ones.

Money in an employee retirement plan, IRA or tax-sheltered annuity has yet to be taxed. When a distribution is made from your retirement plan account to a beneficiary, that person will owe federal income tax.

Consider leaving your loved ones less heavily taxed assets and leaving your retirement plan assets to a Providence foundation to support our work. As a nonprofit organization, we are tax-exempt and will receive the full amount of what you designate. You can take advantage of this gift opportunity in the following ways:

Name us a beneficiary of your plan. This requires you to update your beneficiary designation form through your plan administrator. Here you can designate a Providence foundation as the primary beneficiary for a percentage or specific amount. You can also make a Providence foundation the contingent beneficiary so that Providence will receive the balance of your plan only if your primary beneficiary doesn't survive you.

A qualified charitable distribution (QCD) allows individuals who are 70½ years old or older to take advantage of a simple way to help our mission and receive tax benefits in return. You can give any amount up to $100,000 annually from your IRA directly to a qualified charity such as a Providence foundation without having to pay income taxes on the distribution. This popular gift option is also commonly called the IRA charitable rollover.

Set up a charitable gift annuity. If you are 70½ or older, you may now make a one-time election for a qualified charitable distribution of up to $50,000 (without being taxed) from your IRA to fund a life-income gift. This gift provides you (and a spouse, if you wish) with stable lifetime income that is unaffected by the markets. After your lifetime, the remainder of the gift annuity becomes your legacy at Providence. Some limitations apply, so contact us for more details and a personalized illustration at no obligation.

Fund a testamentary charitable remainder trust. When you fund a charitable remainder trust with your heavily taxed retirement plan assets, the trust will receive the proceeds of your plan. The trust typically pays income to one or more named beneficiaries for life or for a set term of up to 20 years, after which the remaining assets in the trust would go to support a Providence foundation. This gift provides excellent tax and income benefits for you while supporting your family and our work.

A donor advised fund. When retirement plan assets pass to your heirs, distributions are taxed as ordinary income. This income tax burden can be substantial, greatly reducing the value of the intended gift. Instead, you can designate your donor advised fund as the beneficiary of all or a portion of your retirement plan assets. Your fund receives the full amount of the gift and bypasses any federal taxes.

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Next Steps

  1. Contact Lindsey Oldridge Mary Whitney Brett Beck Tina Gilson Mark Johnson Molly Swain Lon Dufek & Megan Crane Lon Dufek & Megan Crane Lon Dufek & Megan Crane Lon Dufek & Megan Crane Lon Dufek & Megan Crane Lon Dufek & Megan Crane Lon Dufek & Megan Crane Lon Dufek & Megan Crane Lon Dufek & Megan Crane Lon Dufek & Megan Crane Lon Dufek & Megan Crane Providence Alaska Foundation Christine Pinella at 509-331-5978 or nationalfoundation@providence.org mary.whitney@providence.org brett.beck@providence.org plannedgiving@providence.org mark.johnson4@providence.org molly.swain@providence.org gary.crum@providence.org Lon.Dufek@providence.org Lon.Dufek@providence.org Lon.Dufek@providence.org Lon.Dufek@providence.org Lon.Dufek@providence.org Lon.Dufek@providence.org Lon.Dufek@providence.org Lon.Dufek@providence.org Lon.Dufek@providence.org Lon.Dufek@providence.org Lon.Dufek@providence.org foundation@providence.org christine.pinella@providence.org for additional information.
  2. Seek the advice of your financial or legal advisor.
  3. If you include Providence in your plans, please use our legal name and federal tax ID.

Legal name: Providence National FoundationProvidence Marianwood FoundationProvidence TrinityCare Hospice FoundationProvidence General FoundationProvidence Hospice and Home Care Foundation of Snohomish CountyProvidence Mount St. Vincent FoundationProvidence Hospice of Seattle FoundationProvidence Children's Health FoundationProvidence Benedictine Nursing Center FoundationProvidence Community Health Foundation - Southern OregonProvidence Hood River Memorial Hospital FoundationProvidence Milwaukie FoundationProvidence Newberg Health FoundationProvidence Portland Medical FoundationProvidence St. Vincent Medical FoundationProvidence Seaside Hospital FoundationProvidence Willamette Falls Medical FoundationProvidence Foundations of OregonProvidence Alaska FoundationProvidence Hospice Sonoma County
Address: 4400 NE Halsey Street, Suite 599, Portland, OR 972133725 Providence Point Dr. SE, Issaquah, WA 980295315 Torrance Blvd. #B1, Torrance, CA 90503916 Pacific Avenue, Everett, WA 982011615 75th St. SW, Suite 210, Everett, WA 982034831 35th Ave. SW, Seattle, WA 981262811 S. 102nd Street, Suite 220, Tukwila, WA 98168830 NE 47th Ave., Portland, OR 97213540 Main St., Mt. Angel, OR 97362940 Royal Ave., Suite 410, Medford, OR 97504810 12th St., Hood River, OR 9703110150 SE 32nd Ave., Milwaukie, OR 972221001 Providence Dr., Newberg, OR 971324805 NE Glisan St., Portland, OR 972139205 SW Barnes Rd., Portland OR 97225725 S. Wahanna Road, Seaside, OR 971381500 Division Street, Oregon City, OR 97045P.O. Box 3375, Portland, OR 972083760 Piper Street, Anchorage, AK 99508439 College Ave., Santa Rosa, CA 95401
Federal tax ID number: 94-307854391-755428833-026101691-104161727-255274991-118811991-207727893-080014091-194028693-069290793-092199094-307951593-088914493-123149493-057598293-0927320 93-1003750 92-009356568-0331084 Select your foundation to view

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