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How to Complete Your Gift
Changing Beneficiaries
If you've decided to shield your heirs from heavy income taxation by making a charitable donation of your retirement plan assets upon your death, simply contact your retirement plan administrator for a change of beneficiary form. Then decide what percentage you would like the Fredonia College Foundation to receive, and name us, along with the percentage, on the beneficiary form. Note that if you are married, your surviving spouse is usually entitled by law to receive the entire amount in certain qualified plans (but not IRAs). Your spouse, however, can sign a written waiver allowing the gift to us. Finally, return the form to your plan administrator, and keep a copy with your will and other estate planning documents.
The more money you have in an employee retirement plan, IRA or tax-sheltered annuity, the more money your heirs will be obligated to pay in income taxes.
For More Information
Consulting an estate planning attorney is a smart investment that can save you and your family money and heartache in the long run. Please seek legal advice before deciding who will get what in your estate plan.
| Download a free guide with tips on preparing to meet with your estate planning attorney. |
Please contact Betty Catania Gossett at (716) 673-3321 or betty.gossett@fredonia.edu if we can answer any questions you have about using your retirement plan assets to support our mission.
Your Next Steps
Getting Started | Is This Gift Right for You? | Case Study | How to Complete Your Gift | Action Items
Getting Started | Is This Gift Right for You? | Case Study | How to Complete Your Gift | Action Items
Copyright © The Stelter Company, All rights reserved.
The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.
All planned gifts are subject to current Fredonia College Foundation
Gift Policies.
