Would you like to help support College of Saint Elizabeth, without changing your will or parting with any assets now?

You can do this by naming College of Saint Elizabeth as a beneficiary of certain assets or accounts you own. This “beneficiary designation” is one of the simplest ways to make a gift to College of Saint Elizabeth. It is literally as easy as filling out a form.

You can name College of Saint Elizabeth as the sole beneficiary of your assets or as one of several beneficiaries. For example, you can use some of your assets to make a legacy gift and use the rest to provide for family members or other loved ones.

There are many benefits of making a gift by beneficiary designation:

• Flexibility: Assets remain in your control should you need them. You can also change your gift designation at any time.
• Easy to arrange: It does not require a change to your will. 
• Tax incentives: Funds passing to College of Saint Elizabeth are not subject to income or estate tax. This means 100% of your gift is available for use by College of Saint Elizabeth.
• Family-friendly: You can name family or other loved ones to benefit from some of the asset value, with College of Saint Elizabeth receiving the remaining portion.
• Support your cause: Your gift to College of Saint Elizabeth helps prepare tomorrow’s leaders with the education and values needed in today’s world.

Assets to consider include: 

Retirement assets: These include IRAs and most qualified retirement plans, such as 401(k) and 403(b) plans. Request a beneficiary designation form from your plan administrator and designate College of Saint Elizabeth as a beneficiary of a percentage of your plan balance.

Retirement assets can be taxed at rates as high as 50% to 70% if you leave them to someone other than a surviving spouse. This is because distributions* to an individual from an IRA, 401(k), 403(b) or other qualified retirement plan are subject to income tax and in some cases estate tax.

In contrast, retirement funds that pass by beneficiary designation to charitable organizations, such as College of Saint Elizabeth, are not subject to either of these taxes. From a tax standpoint, a transfer of assets remaining in an IRA or other retirement account can be the best charitable gift.

Life insurance policies: Simply complete and return to your insurance company a form designating that College of Saint Elizabeth receive all or a portion of the death benefit associated with your life insurance policy.

Commercial annuity contracts: A commercial annuity will sometimes have a remaining value at the end of the annuitant’s lifetime. You can name College of Saint Elizabeth to receive all or part of this amount by designating it as a beneficiary (sole or partial) on the appropriate form from the annuity company. 

Bank account: You can instruct your bank to pay to College of Saint Elizabeth all or a portion of what remains in your checking or savings account. Your bank can provide you with the appropriate Beneficiary Designation Form.

Investment account: You can instruct your investment company to transfer to College of Saint Elizabeth some or all of the investments held in your account at the time of your passing. Your broker or agent can let you know the process for doing this – it may be as simple as adding “T.O.D. to College of Saint Elizabeth” after your name on the account.
 

* The only exceptions to the possible double-taxation are distributions from a Roth IRA or distributions attributable to contributions of after-tax dollars to other types of IRA.