Retirement Assets

Naming the New York Botanical Garden as a beneficiary of your retirement assets such as an IRA or 401(k) can be a tax-efficient way to make a charitable gift. As a tax-exempt organization, NYBG can receive the full value of the donation, which might otherwise be reduced by income and estate taxes if left to individual heirs.

To designate NYBG as a beneficiary, follow these steps:

• Request a beneficiary designation form from the administrator of your retirement account (e.g. your employer, bank, or investment company).
• Name the New York Botanical Garden as a beneficiary on the form.
• Specify the percentage. You can name NYBG as a beneficiary for all or a percentage of your assets.
• Return the completed form to your plan administrator and keep a copy for your records. Please notify NYBG of your intentions as we will not be automatically informed of the designation.

Benefits of naming a charity as a beneficiary:

• Tax savings for heirs: By designating a charity as the beneficiary, you can leave less heavily taxed assets, like appreciated real estate or stocks, to your heirs and the retirement funds to the tax-exempt charity.
• Avoids probate: The assets transfer directly to NYBG upon your death, bypassing the potentially lengthy and costly probate process.
• Estate tax reduction: The value of the retirement plan assets is removed from your taxable estate, which can help reduce or eliminate potential federal estate tax liability.
• Continued control: You retain full access to and control of your retirement assets throughout your lifetime and can change the beneficiary designation at any time.
• Supports your legacy: Your gift allows you to make an impactful contribution that supports the future of NYBG.