Testamentary planned gift for family member or other beneficiary example

By designating a planned gift agreement as the beneficiary of IRD funds, the amount subject to estate tax is reduced considerably and the heirs are taxed on the income only as it is received. Because of the design flexibility of planned gifts, there are a number of options that may fulfill your planning goals.

A testamentary gift annuity or unitrust may be good options for you and your family. How can this be done?

  • In the beneficiary designation of your retirement fund specify that those funds are to be paid directly to the charitable remainder trust named in your will or to George Fox for a gift annuity.
  • In your will designate that those named retirement funds are to be paid directly into the charitable remainder trust or to George Fox for a gift annuity at the same rate as beneficiaries of similar ages would obtain from the university.
  • A testamentary charitable remainder trust could be created in your will that would not be funded until your death.
  • For specific language for a testamentary gift plan to benefit your heirs utilizing retirement fund assets, contact the George Fox University office of estate and planned giving. 503-554-2113.