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."