IRA and Retirement Plan Gifts

You may designate UAlbany as a primary, partial or contingent beneficiary of your IRA or other retirement plan, such as a 401(k) or 403(b). Such a designation has significant tax advantages since UAlbany is tax-exempt and, thus, the full amount received can be used as you direct and you may avoid both income and estate tax for the gift value. IRA and retirement assets left to individuals may be taxable to them.

Such designations are made through the trustee of the retirement plan or the custodian of your IRA. Once made, you still retain the right to change the designation at your discretion.

Example: Mr. Moore has an IRA valued at a bit over $100,000 and he has named his wife as the primary beneficiary. He revised the beneficiary designation to name UAlbany as the contingent beneficiary if his wife should predecease him or if they both have a fatal accident. The proceeds would be used to establish an endowment in their name or as directed.


Information provided is not intended to be estate, tax or financial advice. We recommend that you seek professional counsel on such issues from your attorney, accountant, or other financial advisor.
Investing in students - Lawrence and Marie Shore Life Sciences Graduate Student Scholarship

Lawrence and Marie Shore Life Sciences Graduate Student Scholarship:
2011-12 Shore Scholars, Erica Hutchins and Kevin Liu explore Life Sciences with Biological Sciences Professor Ben Szaro.