IRAs and 401(k)s often contain a significant amount of wealth at the end of one's career. However, if inherited, these accounts can pose significant tax burdens for family and loved ones. A better option is to gift your IRA or 401(k) to a tax-exempt organization, like the MSU Alumni Foundation.
There are many non-cash assets to consider as a gift to MSU, which can help you meet your financial planning goals.
"I have 20 to 30 years of my life before MSU will see the impact of my estate gift," said Victoria. "Why wait that long? I didn't realize how fun making a gift would be. I've really enjoyed seeing the impact of my gift now."
Although trusts have existed for many years, they have recently gained more attention. A trust can be an excellent tool for handling some types of financial affairs. But it is not an appropriate choice for everyone.
In the past five years, gifts through MSU's 1893 Society have totaled more than $63 million--the combined vision of nearly 900 people who have invested in University's future.