Retirement plan assets make wonderful legacy gifts because the Woodside Community Foundation does not have to pay taxes on these gifts.
If an individual is the beneficiary of a tax-deferred IRA, 401(k) or other account, they would have to pay income tax on the distributions.
You may name the Woodside Community Foundation as the primary beneficiary of all or part of your plan, or secondary beneficiary after your family and loved ones. Simply contact your plan administrator for a beneficiary designation form, which may request some of the following information:
Woodside Community Foundation, a California non-profit public benefit corporation
2995 Woodside Rd., Suite 350
Woodside, CA, 94062.
Business Phone: 650-275-4886
Taxpayer identification number: 94-6108531
You also can name the Woodside Community Foundation as primary beneficiary of your life insurance policy or as contingent beneficiary should your other beneficiaries not survive you. After your lifetime, the benefits from your policy pass to the Woodside Community Foundation free of federal estate tax.