Retirement plan assets include IRAs, 401(k) plans, 403(b) plans, TSAs, etc. and can be transferred by naming George Fox University as either a primary or contingent beneficiary of the account. The assets will then not be subject to estate tax or to income tax, and consequently, the entire balance will be preserved for George Fox University. [Example]
Retirement plan assets can also be used to fund a life income gift plan (gift annuity or charitable remainder trust) at your passing. Your heirs will benefit from the income stream of the planned gift and only a portion of the plan assets will be considered for estate tax purposes. George Fox University will benefit when the planned gift vehicle matures. [Example]
Including George Fox as the beneficiary of your retirement fund assets qualifies you for membership in the Henry Mills Society. If you have included George Fox in your estate plan, please complete a membership application for the Henry Mills Society.
It is often helpful to contact the George Fox Office of Estate and Planned Giving as you are considering planning changes in the beneficiary designation of your retirement plan assets. Our staff may be able to provide counsel for you and those advising you with your estate plans. For more information or assistance, please contact Dave Adrian by e-mail at firstname.lastname@example.org or phone at 503-554-2113.