Gifts of Retirement Plan AssestsAnother way to make a gift to TC through your estate is to name Teachers College as a beneficiary of a qualified retirement plan account, such as an IRA, 401(k), 403(b), Keogh or similar account. Upon your death, all or a portion of the unused balance in your account is transferred to Teachers College as a charitable gift.
Retirement plan assets are among the best assets to use for charitable gifts because if these assets were left to your heirs, they could be taxed at 50% or 60% leaving less than one-half the dollar amount to your heirs.
Other benefits include:
- Your estate benefits from a charitable deduction on the full amount given to charity
- Charitable designations are free from all Federal income and estate tax
- These gifts are considered non-probate assets
- The process of naming TC as beneficiary is simple with no legal counsel needed
The plan administrator will ask you for specific information:
Teachers College, Columbia University
525 West 120th Street, Box 306
New York. NY 10027
Federal Tax ID number: 13-1624202.
The beneficiary form that you would receive from your retirement plan administrator does not typically include information about the use of the gift. If you have a special purpose in mind, you should execute a separate letter of agreement between you and the College confirming your account information and the use of the funds.
Easy link to web page.