Certain assets can be subject to both income taxes and “death taxes” if left to family members. Your heirs may keep as little as 35 cents on the dollar from the following:
- U.S. savings bonds
- IRAs and other retirement accounts
- Accounts receivable
- Installment payments on land contracts
- Patent royalties
- Commercial annuities
- Deferred compensation
- Last salary check
- Unpaid income from partnerships
- Renewal commissions of insurance agents
Taxes on these items vanish, however, when you leave them to Volunteers of America. Please consider a thoughtful bequest for our programs whenever you make or revise your estate plans, and ask your adviser about leaving tax-burdened assets.