Chris Benson (photographed with parents Donald and Bessy) found support in San Francisco AIDS Foundation after coming out. He first became connected with the work of the organization in 2010, when he participated in AIDS/LifeCycle, a seven-day fundraising bike ride across the state of California that benefits the work of the foundation. .
Chris: I am a witness to the life-saving work of the foundation because of my experiences with AIDS/LifeCycle and volunteering at San Francisco AIDS Foundation. This has motivated me to do even more.
Chris then took on a leadership role at the foundation as Council Chair for the First City Club, a philanthropic group of annual supporters who are committed to making San Francisco the First City in the world to get to zero new HIV transmissions, zero HIV related deaths, and zero HIV stigma. Recently, Chris decided to take his support a step further.
Chris: I want to do more than contribute annually as a donor to the foundation, so I made San Francisco AIDS Foundation a 100% beneficiary of my 401k. A legacy gift of my 401k means that a certain amount of my wealth will remain local and go to a social cause for which I am passionate. I want to ensure I maximize the social good achieved by my money to help our community.
I believe the work of the foundation is history-making, and I am proud to give of my time and money to San Francisco AIDS Foundation.
Is a gift of an IRA to charity right for you?
Your retirement plan is probably among your most valuable assets. While the retirement asset is a great asset for you, it may not be the best asset to leave to children. If you have a taxable estate, your IRA or 401(k) plan will be subject to the estate tax, and any distributions to children will also be subject to income tax. That is why many tax planners suggest leaving retirement plans to charity. This gift will produce an estate tax deduction and the charity will not have to pay the income tax on the gift.
If you are in the process of determining which assets are "good" assets to leave to charity and which assets might be "good" to leave to family, please give us a call. We can help you with estate planning strategies that will reduce your taxes and allow you to maximize the gifts you leave to family and charity.