Retirement Assets and Life Insurance

Retirement Accounts

Giving through your retirement account is one of the most tax-wise ways to give. Your retirement assets, an IRA or other retirement account such as a SEP IRA, 401(k), 403(b), if left to your family (other than a spouse), will be subject to income tax in addition to any applicable estate tax. With a gift to Hospice Hawaii, 100 percent of the funds are available for its charitable purposes. If you want to remember us in your estate plan, it is often better to leave other types of assets – cash, securities, real estate – to your heirs and give the more heavily taxed retirement asset to Hospice Hawaii.

IRA Charitable Rollover

If you’re 70½ years old or older, an IRA charitable rollover is a smart way to make a tax-free outright gift to Hospice Hawaii using your qualified retirement plan. This gift may also satisfy your required minimum distribution (RMD).

How Do I Qualify?

  • You must be 70-½ years old or older at the time of the gift
  • Gifts must go directly from your IRA to Hospice Hawaii
  • Gifts must come from a traditional IRA or Roth IRA account
  • Gifts cannot exceed $100,000 per donor per year

We can provide a letter of instruction to send to your IRA administrator to make an IRA charitable rollover.

Life Insurance

If you’re still carrying a life insurance policy you or your family no longer needs, please consider donating it to Hospice Hawaii. Your gift will help us further our mission. Transfer ownership of your paid-up insurance policy by naming Hospice Hawaii as the irrevocable owner and beneficiary. You’ll receive an immediate charitable income tax deduction based on the current value of the policy.

You may find that you own certain assets outside of retirement accounts or life insurance that you wish to use for a gift to Hospice Hawaii when you pass away. A simple beneficiary designation form known as Pay on Death (POD)” or “Transfer on Death (TOD)will accomplish this for you. You can use these forms for a brokerage account, bank account, certificate of deposit or other financial accounts that you want to come directly to Hospice Hawaii upon passing and your estate will receive an estate tax charitable deduction for this gift.

For more information please contact us at 808-791-8067 or email development@hospicehawaii.org.