Giving Retirement Plan Assets

Make the MFA a beneficiary of your retirement account.

Designating the MFA as the beneficiary of your IRA, 401k, 403b, or other retirement or deferred compensation plan is one of the easiest and most flexible ways to make a bequest to the Museum.

Naming the MFA as a beneficiary of your retirement account(s) does not require changing your will, trust, or any other existing estate plan. You may choose to designate the entirety or a percentage of assets for the Museum.

Giving retirement plan assets is also tax-beneficial. Retirement accounts are among the most highly taxed assets in one’s estate, subject to both income and estate tax when left to a person other than one’s spouse. If left to one’s surviving spouse, there is no estate tax; however, income tax is due on any withdrawals from the plan. As a qualified charity, the MFA receives the full value of the retirement account when designated as the beneficiary. It’s a great way to help ensure a wonderful MFA experience for future generations, while reducing one’s taxable estate and leaving more of other assets to loved ones.

To make the MFA the beneficiary of your retirement account(s), simply contact the administrator for your plan and request a change of beneficiary form. Then return the completed form to the plan administrator.

We recommend that you provide a copy of your form to the MFA, attention Planned Giving, and/or leave instructions for your executor to ensure the financial institution fulfills your request. Some financial institutions, by policy, do not inform charitable beneficiaries when an account holder passes away, and will need to be contacted directly by the charity or your executor. Having your intentions on file with the MFA, and included in your instructions for your executor, will ensure they are fulfilled.

Once we have received word of your naming of the MFA as a beneficiary, we would be glad to recognize your support through the Sargent Society.

For more information or assistance in filling out your beneficiary form, please call 617-369-3193.