Giving from your retirement plan can be done both during and after your lifetime, and you have a few options to do so. In addition to flexibility, giving from a retirement plan is very popular because it’s a very tax-effective way to support the the Marine Corps Scholarship Foundation.

Money in an employee retirement plan, IRA or tax-sheltered annuity may be subject to federal and state estate taxes. In addition, each of these plans contains income that 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 in addition to applicable state income taxes.

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

Name us a beneficiary of your plan +

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

Gifts now with the IRA Rollover +

With the IRA Charitable Rollover, if you are 70½ years old or older, you can take advantage of a simple way to help those we serve and receive tax benefits in return. You can give up to $100,000 from your IRA directly to a qualified charity such as the Marine Corps Scholarship Foundation without having to pay income taxes on the money.

Fund a charitable remainder trust +

Fund a 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 the the Marine Corps Scholarship Foundation. This gift provides excellent tax and income benefits for you while supporting your family and our work.

A donor advised fund +

A donor advised fund. When retirement plan assets pass to your heirs, they can be subject to federal income and estate taxes. This combined income and estate 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 Lindsay Cameron at 571.386.2643 or lindsay.cameron@mcsf.org for additional information.
  2. Seek the advice of your financial or legal adviser.
  3. If you include the Scholarship Foundation in your plans, please use our legal name and federal tax ID.

Legal Name: Marine Corps Scholarship Foundation Inc.
Address: 909 N. Washington Street, Suite 400, Alexandria, VA 22314
Federal Tax ID Number: 22-1905062

Here to Help

Lindsay Cameron
Assistant Director, Gift Planning
571.386.2643
lindsay.cameron@mcsf.org

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Discover More

Take advantage of this tax-smart gift opportunity. Download our FREE guide Make the Most of Your Retirement Plan Assets: Avoid Double Taxation and Support Our Work.

Make the Most of Your Retirement Plan Assets: Avoid Double Taxation and Support Our Work

Not Sure How to Begin Planning?

Download our FREE Personal Estate Planning Kit