Retirement Fund Giving
Using your retirement plan provides a way to make charitable gifts while reducing taxes. You can name Regent Law as a beneficiary of your retirement plan at any time and/or make a Qualified Charitable Distribution after the age of 70 ½.
You may give through your retirement fund by designating the law school as a beneficiary of your retirement plan.
- Retirement fund giving can be done at any age.
- You may still make withdrawals during your lifetime, and you may also modify your beneficiary designation if you wish.
- Then, after your lifetime, the law school will receive the designated portion of your plan tax-free. (Note: If you use your will to direct your retirement fund towards satisfying an existing bequest, your retirement fund’s assets could be treated as taxable income under your estate. To avoid this, be sure to designate the law school as a beneficiary through your retirement fund.)
- Because this is a charitable gift, the portion of your retirement account that you give to the law school will be excluded from both income and estate taxes.
If you are at least 70 ½ years old, you may also give through a Qualified Charitable Distribution from an IRA plan.
- You can give up to $100,000 annually as a Qualified Charitable Distribution.
- This gift will be excluded from your federal income, and if you have a required minimum distribution, it will count there too.
- If you are not yet 70½ but are at least 59½, you can make a taxable distribution from your plan to make a deductible gift. Even though this distribution is taxable, it may help you save on taxes by reducing the value of your account and the amount of taxable required minimum distributions in the future.
Your tax and financial advisors can help you confirm which of these options are best for you.
The Office of Law Advancement can provide further information and help you give from your retirement plan in an efficient manner.