Gifts of IRAs/Retirement Plan Assets
Giving through your retirement plan is a tax-effective way of making a bequest to Woods Hole Oceanographic Institution (WHOI). You can designate WHOI as a beneficiary of part or all the remainder of your IRA, TIAA-CREF, KEOGH, profit-sharing plan, qualified pension or other retirement assets.
- Avoids income tax on the plan if left to heirs, in addition to avoiding possible estate tax
- Continue to take your lifetime withdrawals from plan
- Ability to gift a portion of your IRA plan to heirs and to charity
- Maintain control and flexibility to change beneficiaries during your lifetime
Distributions from retirement plans at the death of the survivor of the account-holder can be subject to both income and estate taxes. By naming WHOI as the beneficiary of the remainder of your retirement plan, the entire gift is available for WHOI’s use, since the distribution avoids both income and estate taxes.
Gifts of retirement plan assets can be designated to your program or purpose of choice, and you maintain full access to those assets throughout your lifetime.
To make this gift:
- You must notify your plan’s administrator.
- A "change of beneficiary" form will be required.
This letter can be used by you to direct your IRA administrator to make a gift to the WHOI.
If you have any questions about the charitable IRA rollover, or how to make a planned gift to WHOI, please do not hesitate to contact Jayne Iafrate at 508-289-3313.