Text Resize
Print This
Email This
Request Illustration

CSUMB as Beneficiary of your IRA or Retirement Plan

CSUMB as Beneficiary of your IRA or Retirement Plan

Peggy Bates, one of the founding members of the California State University Board of Trustees, a President's Council member and Fellow of the university, wanted to provide for CSUMB and its students in a way that would be simple, avoid taxes and not take away from current cash. "I had already provided for CSUMB in my living trust, but I wanted to do more. So I decided to provide for the university by designating that part of my IRA, upon my death, goes to the CSUMB Foundation. Not only am I thrilled that this will help such deserving and hard-working students, this also avoids the big income tax that would be suffered if I had left it to my children. This took just a matter of minutes, as completing the beneficiary designation form is simple, and it did not require me to change any estate planning documents."

Important! It is always a good idea to check with your tax advisor before making a beneficiary designation of an IRA account or retirement plan that gifts that asset upon your death to charity. Additionally, you currently cannot make a charitable gift during your life of an IRA and other retirement plan without a significant tax impact, so please check beforehand with your advisor. Congress is now considering legislation that would allow tax free charitable gifts of IRA's made during your lifetime. If you would like further information, please call or email Deborah Howitt at (831) 582-3070 or bzappas@csumb.edu.


Print This
Email This
Request Illustration
scriptsknown