If you plan to make a legacy gift to the University of Kansas, you may want to consider naming KU Endowment the beneficiary of your IRA, 401(k), 403(b), pension or other retirement plan and leaving other assets to your family. Retirement plans, when passed on to heirs, incur heavy tax penalties, because these assets face double taxation. Not only is the amount of the plan reduced by estate taxes, but the recipient also must pay income taxes on the plan.
Naming KU Endowment as a full or partial beneficiary avoids all income and estate taxes on those retirement plan assets.
To designate KU Endowment as a beneficiary, advise your retirement plan administrator of your decision and complete and sign a change of beneficiary form.
The Office of Planned Giving staff
is ready to consult with you and/or your adviser about gifts of retirement plan assets to KU Endowment, and to help with any questions about other forms of charitable giving that may benefit you, your family and the University of Kansas.
The information on this site is not intended as legal, tax or investment advice. For such advice, please consult an attorney, tax professional or investment professional.