Often retirement funds are accumulated that neither you nor your family will ever use.  For such an occurrence you may want to name Loyola Academy as the final (or contingent) beneficiary of a qualified retirement account, causing the funds in that account to be distributed directly to Loyola Academy upon your death.  This gift will not be reduced by estate taxes, and will support Loyola Academy ’s mission.  Your employer or retirement account manager can easily help you add or change beneficiaries.

Such an estate gift of a retirement account can benefit both you and your heirs.  You will retain full control of the funds while you are alive, should you want to use them; and you will avoid paying estate taxes on those funds.  Additionally, by leaving estate assets other than the retirement funds to your heirs, your heirs will not be required to pay income tax on the transfer of the retirement plan.

To be sure that all pertinent regulations are followed, it is important to obtain the assistance of a qualified financial advisor.