Gifts from Your Retirement Plan: FAQs
Simply contact your IRA or retirement plan administrator and request a copy of the Change of Beneficiary Form. You can fill this in as you wish and include Albany College of Pharmacy and Health Sciences for a portion or all of the remainder of your plan’s assets.
When you designate Albany College of Pharmacy and Health Sciences as the beneficiary for all or part of your qualified retirement plan assets, those assets pass to us free of any tax. However, when these assets are passed to your heirs (other than your surviving spouse), they are subject to federal income tax and may also be subject to federal estate tax (depending upon the value of your estate) as well as various state income, inheritance and estate taxes. Because retirement plan assets are typically the most highly taxed assets when you pass on, they are the ideal choice for charitable gifts, designating other assets to your heirs.