If your estate is the beneficiary of your tax deferred retirement plan, the residual amount in your plan may incur income and estate taxes before being divided under the terms of your will. As an alternative, it may be advantageous to directly designate a charity as your beneficiary, saving both income taxes and estate taxes.
It is important to remember that the designation of a charity like Saint John's as a beneficiary of retirement assets, or life insurance, cannot simply be written in your will or trust. Saint John's must be designated and recorded as the beneficiary with the retirement plan or life insurance policy.
You are invited to leave your legacy at SJU. Please inform us in writing and include a copy of the beneficiary page from your retirement plan stating the specific provision for Saint John's. The Saint John's University federal ID number is 453656162.