Make UMass Boston a Beneficiary
Retirement Plans Make Tax-Efficient Bequests
Retirement plans can be the most highly taxed assets in an estate. With income tax on distributions and possible estate taxes factored in, the total tax bill for heirs can exceed 50% of the assets.
Designating UMass Boston as the beneficiary of your
- tax-sheltered annuity, or
- qualified pension or profit-sharing plan
allows the assets to pass tax-free at your death without subjecting it to any income or estate taxes and your estate will receive a charitable deduction for the amount passing to UMass. This is a wonderful way to leave a lasting legacy at UMass Boston.
If you wish to make this type of gift, ask your plan administrator for a change of beneficiary form and use the following language:
"UMass Foundation for the benefit of UMass Boston." You may also include a specific purpose such as a scholarship within a particular college or area of study, a research program or other designation.
When designating a specific use, please contact Carolyn Flynn, director of gift planning for the UMass Foundation, at (877) 775-1992 prior to finalizing your plans so as to avoid a purpose that may be vague in its intention or difficult for us to fulfill.