Leaving a Legacy for Skating Professionals through the PS Foundation

By Patrick O’Neil, PS Foundation President

We all want to be remembered in some way and to feel as though we have somehow contributed something to the world. For some, the idea of leaving a legacy can be a driving force leading to great accomplishments, but for most of us with more modest goals, what pushes us to want to leave a legacy?

In a Forbes article authored by Bart Astor, he stated “your legacy is putting your stamp on the future. It’s a way to make some meaning of your existence: ‘Yes, world of the future, I was here. Here’s my contribution, here’s why I hope my life mattered.’”

There are many ways a performing skater or coach can leave a legacy. The most obvious, of course, is bequeathing an inheritance through your last will and testament. For example, in 2018 the estate of Roslyn Ferguson Heath generously donated $191,000 to the Skaters Fund. This amazing gift continues to allow the PS Foundation to assist coaches facing financial hardship due to sickness, disability, or age.

There are a few easy steps that performing skaters and coaches can do if they would like to leave a legacy. One way to do this is donating an IRA to charity upon death.

The benefits multiply when you name a charity as a beneficiary to receive your IRA or other retirement assets upon your death. Some of those benefits include:

• No income tax paid on the distribution of assets by either your heirs or estate.

• The value of the assets is included as part of the gross estate, but the estate receives a tax deduction for the charitable contribution, which offsets the estate taxes.

• The full amount of the donation benefits the PS Foundation since charities do not pay income taxes.

• Retirement assets can be divided between charities and heirs according to any percentages that you choose.

• Lastly, allows you to support a cause you care about as part of your legacy.

To designate the PS Foundation the beneficiary of your IRA or other retirement asset, complete a designated beneficiary form through your plan administrator, bank or financial services firm. Once the forms are in place, the assets will generally pass directly to your beneficiaries (including charities) without going through probate. Please consult a tax professional for further details.

These continue to be uncertain times in our world as we face a pandemic both in this country and around the world. I hope each of you are safe and well and continue to be so blessed as to have your health.