Gifts From Your Retirement Plan
How It Works
- Name the Cortland College Foundation as a beneficiary of your IRA, 401(k) or other qualified plan.
- Designate us to receive all or a portion of the balance of your plan through your plan administrator.
- The balance in your plan passes to SUNY Cortland through the Cortland College Foundation after your death.
Important Related Topics:
Benefits
- Avoid the double taxation your retirement savings would face if you designate them to your heirs.
- Continue to take regular lifetime withdrawals.
- You can revoke us as a beneficiary if your family's needs change during your lifetime.
Questions and Answers
How do I arrange a gift from my retirement plan?
Simply contact your IRA or retirement plan administrator and request a copy of the Change of Beneficiary Form. You can fill this in as you wish and include SUNY Cortland through the Cortland College Foundation for a portion or all of the remainder of your plan’s assets.
What are the tax implications of a gift of retirement plan assets?
For gifts at death, any portion of your retirement plan assets that are given to a qualified charity will also qualify for income tax, inheritance tax, federal and state estate tax deductions as applicable to the size of your estate and your state of domicile. Any assets coming out of your plan to your heirs may be subject to all of the taxes mentioned above.
Can I make a gift when converting to a Roth plan?
This year you are permitted to convert your traditional retirement account to a Roth plan. You might want to consider offsetting the tax liability with a charitable gift. Read More.
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