Pass It On
Consider a Donation of Retirement Assets
Retirement plan assets are a great way to support Fairfield University and also provide tax relief for your loved ones.
Money in an employee retirement plan, IRA or tax-sheltered annuity may be subject to federal and state estate taxes. In addition, each of these plans contains income that has yet to be taxed. When a distribution is made from your retirement plan account to a beneficiary, that person will owe federal income tax in addition to applicable state income taxes.
Consider leaving your loved ones less heavily taxed assets and leaving your retirement plan assets to Fairfield University. As a nonprofit organization, we are tax-exempt and will receive the full amount of what you designate to us from your plan. You can take advantage of this gift opportunity in the following ways:
Name us a beneficiary of your plan.This requires you to update your beneficiary designation form through your plan administrator. Here you can designate Fairfield University as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your plan only if your primary beneficiary doesn't survive you.
Fund a testamentary charitable remainder trust. When you fund a charitable remainder trust with your heavily taxed retirement plan assets, the trust will receive the proceeds of your plan. The trust typically pays income to one or more named beneficiaries for life or for a set term of up to 20 years, after which the remaining assets in the trust would go to support the Fairfield University. This gift provides excellent tax and income benefits for you while supporting your family and our work.
A donor advised fund.When retirement plan assets pass to your heirs, they can be subject to federal income and estate taxes. This combined income and estate tax burden can be substantial, greatly reducing the value of the intended gift. Instead, you can designate your donor advised fund as the beneficiary of all or a portion of your retirement plan assets. Your fund receives the full amount of the gift and bypasses any federal taxes.
Watch our video below to learn more!
See How It Works
- Contact Stacie Kelly at (203) 254-4020 or firstname.lastname@example.org for additional information.
- Seek the advice of your financial or legal advisor.
- If you include Fairfield University in your plans, please use our legal name and federal tax ID.
Legal Name: Fairfield University
Address: Fairfield, CT
Federal Tax ID Number: 06-0646623
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.