Assets from your individual retirement account, pension plan, profit sharing plan, stock bonus plan, 401(k) or 403(b) can constitute a large portion of your retirement portfolio.
However, any retirement plan assets you don’t use during your lifetime will be subject to income tax regardless of who your beneficiary is. If that person is not your spouse, your estate may also have to pay estate tax on those assets. In some cases, the combination of the two can mean that your heirs could receive as little as 30% of the entire value of your account.
Designating the University as a Beneficiary of Your Retirement Plan …
Let us thank you. Notify the University of your retirement plan gift and join the Cornerstone Society.
The University of Virginia does not provide legal, tax or financial advice. We strongly recommend that you consult professional advisors on all legal, tax or financial matters, including gift planning considerations. To ensure compliance with certain IRS requirements, we disclose to you that this is not intended or written to be used, and cannot be used, for the purpose of avoiding tax-related penalties.