A retirement fund is an important part of an estate plan and it can be a significant charitable gift. There are two ways to use a retirement fund for charitable giving and both strategies can reduce taxes and maximize your impact.
1. Beneficiary Designated Gift from a Retirement Fund – All Ages
Name The Chester County Hospital Foundation as the remainder beneficiary of an IRA, 401k or other retirement plan. It's an easy way to make a gift that will have a lasting impact on our patients and hospital community. We'll receive 100% of your gift, tax-free. You can change your plans at any time by updating your beneficiaries online or requesting a beneficiary designation form from your financial institution or plan administrator.
For assistance completing a change of beneficiary form, visit our Beneficiary Designated Gifts page or contact us.
We encourage you to confirm the details of your gift in writing, including any restrictions, with the Foundation. This will ensure your gift is received and used according to your wishes.
2. Qualified Charitable Distribution- Ages 70½+
Qualified Charitable Distribution (QCD):
- A tax-free direct transfer from a traditional IRA* to a qualified charitable organization, like The Chester County Hospital Foundation, usually in the form of a check payable to the charity.
- The check must be received by December 31 to count towards a Required Minimum Distribution for this year. (Individuals 73 and older)
- Reduces taxable income and is a great option for donors who don't itemize deductions on their tax return.
- There is a one-time option to fund a charitable gift annuity with a QCD from an IRA.
*Although QCDs cannot be made directly from a 401k or other employer-sponsored plans, you can convert 401k funds into an IRA and make a QCD from the IRA the following year.
Contact us for more information or download our flyer, "Frequently Asked Questions about QCDs" (.pdf).
Contact Information
Inquiries are welcome and confidential:
Jeannette Edwards
Director of Development
jeannette.edwards@pennmedicine.upenn.edu
610-431-5110
The Chester County Hospital Foundation does not offer tax or legal advice, and encourages you to consult with your own advisors regarding this information.