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Peggy Bates, one of the founding members of the California State University Board of Trustees, a President's Council member and Fellow of the university, wanted to provide for CSUMB and its students in a way that would be simple, avoid taxes and not take away from current cash. "I had already provided for CSUMB in my living trust, but I wanted to do more. So I decided to provide for the university by designating that part of my IRA, upon my death, goes to the CSUMB Foundation. Not only am I thrilled that this will help such deserving and hard-working students, this also avoids the big income tax that would be suffered if I had left it to my children. This took just a matter of minutes, as completing the beneficiary designation form is simple, and it did not require me to change any estate planning documents."
Important! It is always a good idea to check with your tax advisor before making a beneficiary designation of an IRA account or retirement plan that gifts that asset upon your death to charity. Additionally, you currently cannot make a charitable gift during your life of an IRA and other retirement plan without a significant tax impact, so please check beforehand with your advisor. Congress is now considering legislation that would allow tax-free charitable gifts of IRA's made during your lifetime. If you would like further information, please call or email Deborah Howitt at (831) 582-3070 or dhowitt@csumb.edu
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