Retirement assets are those held in a "qualified" plan, such as a 401(k) or an IRA, which enables an individual to save and grow assets on a tax deferred basis. Such assets can potentially be hit hardest by estate and income taxes when passed to heirs, making them prime vehicles for charitable giving. Your employer or account administrator can assist you in naming CUA as a beneficiary. Through that designation, you will pass those assets free of taxes, and leave a meaningful gift to the university.
 After attaining both her BSN and MSN from the School of Nursing, Maggie Ministry went on to become a successful nurse practitioner. An IRA she established years ago when departing Hosea Hospital for a new job is now held with Bishop Brokerage, a financial services company. Nearing retirement, Maggie has consulted her attorney to evaluate her estate plan, and confirmed that in light of her assets and financial status, income and estate taxes may noticeably deplete her IRA assets should she pass them on to her children,  whom she knows will inherit substantially from other family resources. As a result, she contacted Urban Usher, an old friend at Bishop Brokerage, and completed the designation forms to name CUA's School of Nursing as the beneficiary of her IRA account. In this manner, Maggie, secure that her family is taken care of, will provide for her alma mater in a tax efficient way. |
