If you’re like a growing number of Americans, an IRA may be your largest single asset — a nest egg to leave behind for your children’s future. However, you may not realize the massive tax bite the plan is subject to once it is passed on to your heirs.

The legacy intended for your children or other heirs could amount to just 30 cents on the dollar as a result of combined estate tax and income taxes on the IRA.

IRA

Naming the Springfield Foundation as the beneficiary of your IRA will completely avoid both estate and income taxes and create a permanent legacy in your honor.

Leaving a bequest of an IRA to the Springfield Foundation can be a sound part of an estate plan, especially if you already have provided for your children, and they don’t need the income stream produced by the IRA.