Gift Planning

Retirement Plan Assets

Retirement assets at a glance

You can: 1) Make Wofford the beneficiary of your retirement plan, or you may be eligible to 2) Transfer a distribution from your traditonal IRA to Wofford.

Option 1: Making Wofford the Beneficiary

How It Works:

  • Contact your plan administrator and ask for a “Change of Beneficiary Form”.
  • Name Wofford as the sole beneficiary.
  • Complete a Confidential Statement of a Deferred Gift form to document the designation of your gift.
  • Upon your death, any remaining assets in the retirement account are distributed to Wofford.

Assets Used:

  • Individual Retirement Account (IRA)
  • 401 (k) or 403(b)
  • Keogh Plan

Benefits:

  • Extremely simple, no need for an attorney or accountant
  • Reduced estate taxes
  • Help your heirs avoid income taxes (see below infographic for more information)
  • Wofford will receive the full value of the plan (with no taxation) to be used for the purpose you have designated

Beneficiary Comparison Chart

Option 2: Charitable IRA Rollover

Donors aged 70 1/2 and older may transfer up to $105,000 to charity tax-free each year. And for those who are at least 73 years old, those transfers will count toward the donor's required minimum distribution for the year.

How It Works:

  • Contact your plan administrator and ask for a distribution (up to $105,000) to be made directly to Wofford*
  • Notify Wofford as to how you would like the gift to be designated

*Distribution cannot be sent directly to you, as it will then be considered income and will be taxable as such.

Assets Used:

  • Distribution from a retirement plan

Benefits:

  • You will enjoy reduced income and income tax liability
  • You will have the opportunity to see the impact of your gift during your lifetime

You might be interested if…

…You do not need the income or do not want to have an additional tax liability.