University-Wide Gift
Business School
College
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School of Public HealthGifts of IRAs/Retirement Plan Assets
You can designate Harvard as a beneficiary of part or all the remainder of your IRA or retirement plan.
Distributions from retirement plans at the death of the survivor of the account-holder can be subject to both income and estate taxes. In a large estate, these taxes can leave less than 30 cents on the dollar of the plan’s balance for your children or other heirs.
By naming Harvard as the beneficiary of the remainder of your retirement plan, 100 percent of the plan’s balance is available for Harvard’s use, since the distribution avoids both income and estate taxes.
To Make This Gift:
- You must notify your plan’s administrator.
- A "change of beneficiary" form will be required.
Sample Beneficiary Designation Language for a Spouse and Harvard:
The beneficiary is my spouse as long as he/she survives me. The beneficiary of any amount(s) remaining in the plan after the death of my spouse, or of the entire amount in the plan upon my death if my spouse does not survive me, or of any portion thereof that my spouse may disclaim, is The President and Fellows of Harvard College, for its general charitable purposes or for the benefit of (name of School or affiliate).
BRETT NOWAK AB '03