Qualified Retirement Plans
For many of us our retirement accounts are major financial resources and the basis for a financially secure future. Qualified retirement plans (such as your IRA) provide substantial benefits for accumulating funds for retirement. It is important to preserve our retirement assets for our lifetimes.
However, these plans can be subject to both estate and income taxes taxation when funds are distributed or when the plan participant dies. If you find that you are in a position where the erosion of benefits due to excessive taxation could be substantial, you may want to consider using your retirement plan to make a gift to Hellenic College Holy Cross Greek Orthodox School of Theology upon your death.
Under current law, by naming Hellenic College, Inc. as the beneficiary of the remainder after the death of you and/or your spouse, 100 percent of the plan's balance would avoid both income and estate taxes. In can be designated for our unrestricted purposes or for a specific purpose you designate.
If your spouse and children are named as beneficiaries, you can also name Hellenic College, Inc. as a beneficiary for a portion of the plan. At your death, our share of the account can be "cashed out" without affecting your heirs' portion of the account.
If you wish to make this type of gift, it requires a "change of beneficiary" form, which you can obtain from your plan's administrator. If you have a spouse, he or she, will also have to sign the form.
Please contact the Office of Institutional Advancement to discuss this giving opportunity in further detail.
As stated previously, the material in this entire section ("Giving Opportunities") of our website is designed to furnish our alumni and friends with general information. It is not intended as legal or financial advice. When considering a charitable gift, be sure to consult your attorney, professional adviser or accountant to ensure that it meets your individual circumstances. The Office of Institutional Advancement will be happy to assist you and your advisers in developing an approach that will best fit your needs and desires. If you would like further information concerning giving opportunities, please contact the Office of Institutional Advancement, Hellenic College Holy Cross Greek Orthodox School of Theology, 50 Goddard Avenue, Brookline, MA 02445, (617) 850-1268.