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, and send a copy to the MFA, attention: Planned Giving.
Once we have received word that you have named the MFA as a beneficiary, we will 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 or contact us online.