Gifts Through Your Retirement Account Beneficiary Designations
Your tax-deferred (traditional) retirement account assets are an excellent and tax-advantaged “bucket” for charitable estate giving. Wheaton College receives these retirement assets tax-free!
The simplest approach is to include Wheaton as a primary or contingent beneficiary on your account’s beneficiary designation form, indicating the percentage or dollar amount you desire to give.
Pay Attention to Contingent Beneficiary Designations!
If a married person names a spouse as primary beneficiary, with a charity as contingent beneficiary, the surviving spouse will inherit the assets at the account owner’s death. The surviving spouse must re-designate the charity as primary beneficiary, otherwise the charity will not receive anything at the second spouse’s death. The funds will follow the surviving spouse’s estate plan (Will/Trust) or the state laws.
Note: It is possible to include “savings clause” language in your Will or Trust to redirect retirement assets to Wheaton in the event the surviving spouse is unable to fill out a new beneficiary designation form at your death.
You can designate your gift to a specific area of the College, such as an endowed scholarship, the Conservatory or other academic department, athletics, etc. We are happy to work with you on the specifics of your gift.