One of the simplest ways to make a legacy gift to Brandeis University is with a beneficiary designation for your financial accounts or certain other assets. It’s usually as simple as filling out a form—no need to re-write your will or other estate planning documents. You can name Brandeis as the sole beneficiary or as one of several, perhaps designating some to Brandeis and the rest to your family or others.
A beneficiary designation contribution offers significant benefits for you:
- Flexible: you can change your beneficiary designation at any time
- Easy to arrange: no need to change your will
- Tax advantageous: your contribution is not subject to income or estate taxes
Accounts and assets you may consider designating to Brandeis include:
Bank account: You can instruct your bank to pay all or a portion of what remains in your checking or savings account to Brandeis. Your bank can provide you with the appropriate forms.
Investment account: You can instruct your investment company to transfer to Brandeis some or all of the investments held in your account at the end of your lifetime. There may be an on-line form, or your broker or agent can help you with the process.
Retirement accounts: A beneficiary designation contribution from your IRA, 401(k), 403(b), or most other qualified retirement plans can save taxes for your heirs. If you leave your retirement accounts to individuals, the distributions will be subject to income tax. However, when these accounts pass to Brandeis there is no income tax. Leaving your retirement account to Brandeis and reserving other assets for your heirs saves taxes. Your retirement plan administrator can show you how to designate Brandeis as beneficiary of all or a percentage of your account or a specific dollar amount.
Life insurance policies: Simply complete and return to your insurance company a form designating that Brandeis receive all or a portion of your policy’s death benefit.
Thank you considering a legacy gift to Brandeis. We’d be happy to work with you and your advisors to craft a charitable gift that works for you. To start a conversation, please contact Joel Carlton-Gysan at 781-736-7719 or jcarltongysan@brandeis.edu.