There are many good reasons to leave a gift to Barnard through your IRA, 401(k), 403(b), or other retirement plan. By naming Barnard as a beneficiary of your retirement plan, you will be contributing to the College’s future strength and you will be doing so in a very tax-efficient manner.
Most retirement assets have never been taxed, so they are subject to income taxes when they are withdrawn for distribution. This means that your heirs will have to pay income taxes (at their own tax rates) on any assets distributed to them from your account after your death. In addition, if you have a taxable estate, the assets will also be subject to inheritance taxes—meaning a double tax in some situations. But, if you leave retirement assets to a charity, like Barnard, the charity will not have to pay any tax at all.
It is easy to designate Barnard as a beneficiary of your retirement plan assets. The financial institution that holds your account can provide you with a Beneficiary Designation Form—often these forms are available online.
In naming Barnard as a beneficiary of a retirement plan, the following information may be helpful:
Official name: BARNARD COLLEGE
3009 Broadway - Planned Giving
New York, NY 10027
Taxpayer Identification Number (TIN): 13-1628149
(sometimes called Employer Identification Number, or EIN)