Retirement Funds
Whether you participate in a company pension plan or a fund you have established yourself, such as an IRA or a 401(k), you may find you’ve accumulated funds beyond your needs for comfortable support of yourself and loved ones.
Retirement funds may be subject to two forms of taxation. Generally, the undistributed balance of qualified retirement plans is fully includable in your gross estate for estate tax purposes. Since the funds in retirement accounts usually represent deferred compensation that has not been subject to income tax, giving the accounts to individual heirs exposes the funds to income taxes. Your retirement dollars can be seriously depleted by this double taxation. When Scenic Hudson is named as the beneficiary, you can avoid both forms of these taxes.
Benefits
- You have the use of your retirement savings during your lifetime
- This form of a gift is revocable and can be changed if your financial circumstances change
- The ability to leave loved ones other assets that carry less tax liability
- The funds you carefully saved over a lifetime may ultimately be used to defend and protect the Hudson River Valley