Gifts from Your Retirement Plan

You’ve worked hard and planned for retirement. Did you know that the IRA Charitable Transfer benefits donors aged 70½ and up?

Now, with a little creativity, you can leverage your retirement assets to benefit you and your family, reduce federal taxes, and support the Walters Art Museum far into the future.

IRA Charitable Transfer

The IRA Charitable Transfer is an excellent way to make gifts and receive tax benefits in return. As you plan your required minimum distributions for this year, consider using your IRA account to make the most of your charitable giving.

To qualify:

  • You must be age 70½ or older at the time of gift.
  • Transfers must be made directly from a traditional IRA account by your IRA administrator to the Walters Art Museum.
  • Gifts must be outright. Distributions to donor-advised funds or life-income arrangements such as charitable remainder trusts and charitable gift annuities do not qualify.

Designate the Walters as a Beneficiary

Designating the Walters as a beneficiary of your retirement plan provides a gift to the museum without impacting your income. You will maintain the flexibility to change beneficiaries if your family’s needs change during your lifetime, and your heirs can avoid the potential double taxation on the assets left in your retirement account.

Follow these easy steps:

  • Name or designate the Walters Art Museum as a beneficiary of your IRA, 401(k), or other qualified retirement plan.
  • Pass the balance of your retirement assets to the Walters by contacting your plan administrator.
  • Tell the Walters about your gift. Your plan administrator is not obligated to notify us. We appreciate the opportunity to thank and recognize you for your generous contribution.