A gift from your retirement plan assets can be an easy way to reduce your tax liabilities while providing support to St. Lawrence University.
A gift of retirement plan assets could be right for you if:
- You have an IRA or other qualified retirement plan, such as a 401(k) or 403(b).
- You are 70½ or older and want to make tax-free gifts from your IRA that can help meet your annual Required Minimum Distribution (RMD).
- You would like to leave a legacy gift to St. Lawrence without revising your will or trust and have your gift made directly from your retirement plan assets.
- You want to preserve other assets, such as stock and real estate, for your heirs.
Because everyone’s situation is different, we encourage you to seek professional legal, estate planning, and financial advice before deciding on a course of action. This information does not constitute legal or financial advice and should not be relied upon as a substitute for professional advice.
Frequently Asked Questions
Question: How do I make an IRA QCD gift?
Answer: Contact your IRA administrator by phone, their secure online website or send this sample letter by mail or fax, and indicate that you want to make a Qualified Charitable Distribution (QCD) from your IRA.
Typically, you will be asked for these pieces of SLU information:
- Legal name: St. Lawrence University
- Mailing Address: St. Lawrence University, Office of Planned Gifts, 23 Romoda Drive, Canton, NY 13617
- Federal Tax Identification Number: 15-0532239
- Amount of IRA QCD gift to the University $__________.00
Your IRA administrator will issue a check to St. Lawrence University indicating it is from your IRA account. The check will then be mailed directly to St. Lawrence’s Office of Planned Gifts which will send you a letter acknowledging receipt of your IRA QCD gift.
In addition to having the satisfaction of making a significant difference at St. Lawrence, your benefits include:
- Your IRA QCD gift is not subject to income taxes.
- You can preserve other non-retirement plan assets for your family.