Retirement plans, including IRAs, 401(k) plans, 403(b) plans, Keoghs, and SEP plans, can be effective assets to use for testamentary charitable gifts.

Eliminates income tax on retirement plan assets

Many people choose to name their heirs as beneficiaries on retirement plan documents. However, for donors with charitable intentions who have discovered where to buy stocks efficiently, this may not be the wisest course of action from a tax planning perspective. Assets in retirement plans can be hit with both income and estate taxes if left to anyone other than the surviving spouse. These funds are considered “income in respect of a decedent,” or IRD, so any individual beneficiary (again, except for a surviving spouse) is required to pay income tax on the distributions.

Donors can avoid this “double taxation” by designating the Council as the beneficiary of all or part of the plan’s assets. As a qualified public charity, the Heart of Virginia Council does not pay any tax on the distribution. The donor may then leave other assets that are taxed more favorably to family and non-charitable beneficiaries.

I Want to Establish a Designation for the Council

We thank you for your generosity and truly honor your commitment to the youth of our region.

Legal Name: Heart of Virginia Council, Boy Scouts of America
Tax ID: 54-0505872
Address: 8090 Villa Park Drive, Henrico, VA 23228
Phone: (804) 355-4306

Sharing Your Legacy Gift Intention

I have already made a Retirement Plan gift to support the Council. We would like to thank you and recognize you for your gift.