Using Retirement Accounts
Qualified retirement plan assets make excellent planned gifts, because if USA Shooting is designated as the beneficiary then income tax and estate taxes are avoided entirely. These plans have assets that have yet to be taxed, so could be taxed at up to 35 percent if you leave them to a loved one. If you have a retirement plan, such as an IRA, 401k, 403(b) or Keough, you can designate USA Shooting as a beneficiary of all or part of your plan, thereby supporting the sport you love and minimizing the tax burden on your loved ones.
The IRA Charitable Rollover provision briefly reappeared on December 19, 2014 and disappeared again on January 1, 2015. WHAT YOU CAN DO NOW: Although there is currently no legislation that provides for a 2015 IRA charitable Rollover, you can still request that your IRA administrator transfer funds directly from your account to USA Shooting. While your gift will currently be taxable as a regular withdrawal, it can also count towards all or a portion of your required minimum distribution; and you may be eligible to take a federal income tax charitable deduction for your gift. And should Congress reinstate the IRA charitable rollover retroactively for 2015, you will have the choice of which strategy to employ.
Gifts of Insurance
Life insurance is another simple way to make a gift with a lasting impact on shooting in the United States, perhaps a larger gift than you can afford to make in your lifetime. If you have a life insurance policy with accumulated cash value, but the original purpose for the protection no longer applies—such as to educate children now grown or to provide financial security for a spouse now deceased—your life insurance can be redirected to help support USA Shooting in a truly significant way. Simply designate USA Shooting as the beneficiary of your life insurance, and that's it!
As with any significant financial decision, we recommend that you consult with a professional advisor to discuss the details and tax implications of your gift. Then, should you choose to designate USA Shooting as the beneficiary for your retirement accounts or life insurance, please contact us to let us know. We want to recognize your legacy gift and thank you properly. Please call Tyler Anderson at 719-866-4883, or mail a copy of beneficiary designation page to: USA Shooting, 1 Olympic Plaza, Colorado Springs, CO 80909.