There are many ways to create an enduring legacy by including charitable giving in your estate plans.
A bequest is a gift from your estate — a transfer of cash, securities, or other property — made through your will or revocable trust, or through a beneficiary designation in your retirement plan or life insurance policy. A bequest costs nothing now, lets you retain control and use of your assets during your lifetime, is exempt from federal estate taxes, and gives you the satisfaction of knowing you have provided for Stanford GSB in the future.
Designating the GSB as a beneficiary of your retirement account can be an easy, tax-efficient way to support Stanford GSB. Simply contact the retirement plan administrator and complete the appropriate beneficiary designation form. Many plans also permit you to make the change directly online.
If you are 70-1/2 or older, you can make annual tax-free transfers directly from your IRA to Stanford GSB of up to $100,000. Although you aren’t entitled to a charitable income tax deduction for the distribution, these contributions count toward your annual Required Minimum Distribution, are excluded from your taxable income and are not subject to annual charitable deduction limitations.
Life Income Gifts
A charitable remainder trust, charitable gift annuity, or other life income gift is a great way to leave a legacy at the school while also taking care of yourself or loved ones. These plans offer payments to you or other individual beneficiaries you name and will benefit Stanford GSB in the future. You may also be entitled to tax benefits, such as an income tax deduction and savings on capital gains tax. To explore how life income gifts might benefit you, please visit Stanford Planned Giving Calculator.
Sample Language for a General Bequest to Stanford GSB
“I hereby give _________* to THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY, an educational institution, to support the objects and purposes of Stanford Graduate School of Business.”
* Fill in the blank with the dollar amount, percentage of estate, or specific property you intend to give to Stanford.
Stanford University’s federal tax ID number: 94-1156365.