Gifts of Retirement Assets
Making a Qualified Charitable Deduction from your IRA Account or a donation, such as your IRA, 401(k), 403(b), pension or other tax-deferred plan, is an excellent way to make a gift to Elmira College.
If you are like most people, you probably will not use all of your retirement assets during your lifetime. You can make a gift of your unused retirement assets to help further our mission.
Benefits of gifts of retirement assets
- Avoid potential income tax or estate tax on retirement assets
- Your heirs would avoid income tax on any retirement assets funded on a pre-tax basis
- Receive potential estate tax savings from an estate tax deduction
How to make a QCD from your IRA
To make a Qualified Charitable Distribution (QCD) from your IRA Account, please contact your custodian stating your wish to make a QCD from your IRA Account to be paid to Elmira College, the amount you choose, whether your gift is designated for a specific purpose, and Elmira College's Tax ID Number : 16-074-3996.
One Park Place
Elmira, NY 14901
Please contact us for questions or further information.
How to make a gift of retirement assets
To leave your retirement assets to Elmira College, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate Elmira College as beneficiary, we will benefit from the full value of your gift because your IRA assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift.
More on gifts of retirement assets
Did you know that 60%-70% of your retirement assets may be taxed if you leave them to your heirs at your death? Another option is to leave your heirs assets that receive a step up in basis, such as real estate and stock, and give the retirement assets to Elmira College. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.
Contact us
If you have any questions about gifts of retirement assets, please contact us. We would be happy to assist you and answer any questions that you have.
Please let us know if you have already included Elmira College as a beneficiary of your retirement assets. We would like to thank you and recognize you for your gift.
