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    • How a beneficiary designation can impact your tax liability
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Beneficiary Designations

Learn more about how the SECURE Act and the CARES Act may affect your tax and retirement planning

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Naming Georgetown as the beneficiary of a retirement account, insurance policy, or bank or brokerage account is a tax-smart way to make a gift that leaves a lasting legacy.

The value of retirement accounts may increase significantly over time, leading to a significant built-in tax liability. Leaving these assets to loved ones, other than a spouse, may result in up to 70% of the value being lost to taxes. Instead, if you leave other assets to family, and use a retirement account to make a gift to Georgetown, the funds are transferred tax-free and Georgetown realizes the full value of the gift.

Making Georgetown the beneficiary of a retirement account, insurance policy, or bank or brokerage account is as simple as completing a beneficiary designation form with the account administrator. These gifts are also offer great flexibility as you can easily make changes during your lifetime without incurring legal fees

How a beneficiary designation can impact your tax liability

Joe Hoya names his children as the beneficiaries of his IRA worth $100,000. After the account pays required federal and state income and estate tax, the kids might only receive $30,000.

Alternatively, if Joe names Georgetown as the beneficiary of the IRA, this would leave a larger amount of the estate available for gifts to his children and the estate may receive a charitable deduction. In addition, because Georgetown is a charity, it does not have to pay federal or state income tax on the distribution, meaning the full $100,000 is available to support a school or program important to Joe and his family.

If you have already named Georgetown as a beneficiary of a retirement account, please let us know by contacting the Office of Planned Giving at 800.347.8067 or plannedgiving@georgetown.edu. Sharing your plans allows Georgetown to recognize your future generosity and ensure we are able to honor your gift designation.

Designating Georgetown as a beneficiary

Making a gift to Georgetown using a beneficiary designation is as simple as contacting your account administrator to revise your beneficiary form. You may need to provide the following information:

Legal Name Georgetown University
Address Georgetown University
Office of Planned Giving
University Box 571253
Washington, DC 20057
Tax ID 53-0196603
Phone Number (800) 347-8067

Life Insurance

There are two ways you can create a legacy with Georgetown through your life insurance policy. If you prefer to retain your policy for maximum flexibility, then naming Georgetown as the beneficiary of your life insurance policy allows you to make a tax-smart gift for your estate that leaves a lasting legacy. You can also choose to donate your life insurance policy during your life by naming Georgetown as the irrevocable owner of your paid-up policy. If you would like to discuss your options for naming Georgetown as the irrevocable owner of your paid-up policy, contact the Office of Planned Giving at (800) 347-8067, by email at plannedgiving@georgetown.edu or through our information request form.

Learn More

If you have questions about designating Georgetown as the beneficiary of a retirement account, insurance policy, or bank or brokerage account, please contact the Office of Planned Giving at (800) 347-8067, by email at plannedgiving@georgetown.edu or through our information request form.

The information on this website is not intended as legal, financial, or tax advice. Please consult an attorney, financial advisor, or tax advisor in your planning.

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Request ‘Creating Your Legacy,’ Georgetown’s estate planning guide
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