Donating all or part of your unused retirement assets—such as your IRA, 401(k), 403(b), pension, or other tax-deferred plan—is an excellent way to support Purdue.
If you are like most people, you probably won’t use all of your retirement assets during your lifetime. You can make a gift of your unused retirement assets to support Purdue.
How you benefit
- You avoid potential estate tax on retirement assets
- Your heirs avoid income tax on any retirement assets funded on a pre-tax basis
- You receive potential estate tax savings from an estate tax deduction
How it works
You will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate Purdue University as a beneficiary, our University will benefit from the full value of your gift because your IRA assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift.
If you have already included Purdue as a beneficiary of your retirement assets, please let us know. We would like to recognize you for your generosity.
Questions? Contact the Office of Planned Giving at 765-494-2727 or firstname.lastname@example.org.
Did you know that when your heirs inherit your retirement assets, most will have to withdrawal the entire amount within 10 years and each distribution is taxed at their ordinary income rate? Another option is to leave your heirs assets that receive a step up in basis—such as real estate and stock—and give your retirement assets to Purdue. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.