Giving from Your Retirement Plan
You've worked hard and planned for retirement. Now, with a little creativity, you can leverage your retirement assets to benefit you and your family, reduce federal taxes, and support Garrett Regional Medical Center far into the future.
How It Works
- Name or designate Garrett Regional Medical Center as a beneficiary of your IRA, 401(k), or other qualified retirement plan.
- Pass the balance of your retirement assets to Garrett Regional Medical Center by contacting your plan administrator.
- Important! Tell Garrett Regional Medical Center about your gift. Your plan administrator is not obligated to notify us. So if you don't tell us, we may not know.
- Continue to take regular lifetime withdrawals.
- Maintain flexibility to change beneficiaries if your family's needs change during your lifetime.
- Your heirs avoid the potential double taxation on the assets left in your retirement account.