IRAs have two terrific benefits - tax-free contributions and tax-free growth. With low withdrawal requirements, IRAs are wonderful for an IRA owner. Without proper planning, however, IRAs can be a ticking tax time bomb that require the payment of significant taxes by the IRA owner's beneficiaries (e.g. spouse and children). In a large estate, the combined tax rate on IRAs may exceed 70%.
One way to preserve these valuable assets is to designate Elmira College as the beneficiary of all or a portion of your retirement plan. Using these assets for your charitable interests can leave other assets--which are not as heavily taxed--to your family. IRA funds left to the College bypass taxes, preserving these funds intact for your legacy. Simply contact your IRA custodian to add Elmira College to your beneficiaries.
Planned gifts can count toward your Reunion Class Gift total.