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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."