Joanne and her late husband, Hal, had been longtime supporters of Florida Southern. Recently, Joanne's children encouraged her to update her estate plan, and she thought that was a great idea. In fact, Joanne had been thinking about meeting with her attorney to discuss how she could make a significant gift to support our institution.
"Hal and I were passionate about Florida Southern College's mission. We even volunteered regularly, and after Hal passed away, I wanted to make a gift that would honor his memory. I met with my attorney and explained what my goals and assets were. I had inherited Hal's IRA, which I combined with my own.
"I had originally thought about leaving my IRA to our kids and other assets to charity. However, my attorney suggested a different strategy. He explained that if my kids inherited the IRA, my estate would pay estate taxes and my kids would pay income tax on the IRA. But, by giving the IRA to charity and other assets to my kids, the kids will still receive a nice inheritance, and we avoid income and estate taxes entirely!
"Making a gift of my IRA was easy. I contacted my IRA custodian, who emailed me an IRA beneficiary designation form. I completed the form, named Florida Southern College as the primary beneficiary of my IRA and mailed it back to the custodian. I then called FSC to tell them about my gift. They were extremely humbled and appreciative, and I know Hal would be happy too. Best of all, I can continue to use my IRA for as long as I live, and when I pass away, my IRA will continue supporting Hal and I's passion for Florida Southern." -Joanne
Is a beneficiary designation gift right for you?
If you own a qualified retirement plan, such as an IRA, 401(k) or 403(b) and would like to make a charitable gift, your family or your estate might benefit if you update your beneficiary designation form naming our organization as a beneficiary. Beneficiary designation gifts may help your heirs avoid paying income tax on certain inherited assets and may help your estate avoid estate taxes.
If you have questions about making a beneficiary designation gift, please contact us. We would be happy to work with you and answer any questions that you have.
*Please note: The name and image above is representative of a typical donor and may or may not be an actual donor to our organization. Since the benefits of each gift may be different, you should seek the advice of your legal, tax or financial advisor.