Maximizing Your Legacy: Designating Duke as a Remainder Beneficiary
Estate planning can help ensure your assets benefit both your loved ones and your philanthropic priorities. Designating Duke University as a beneficiary of a retirement account, life insurance policy, or donor-advised fund (DAF) can reduce taxes for your heirs while leaving a lasting legacy at Duke.
Retirement Accounts: Minimizing Taxes, Maximizing Impact
Retirement assets are among the least-favorably taxed upon their owner’s passing. Designating Duke as a beneficiary of your retirement account remainder can reduce the tax burden for your heirs while increasing your gift’s impact at Duke. Consider this example: Sarah wants to leave estate gifts of $100,000 to both her brother John and to Duke. If Sarah leaves John $100,000 from her IRA, John will owe income taxes on all account withdrawals, reducing his inheritance. If Sarah instead leaves $100,000 from her IRA to Duke, the university will receive the full gift proceeds tax-free. Sarah can leave $100,000 to John using other, more tax-advantaged assets. This strategy maximizes the benefits for both your heirs and for Duke.
Life Insurance: A Meaningful Gift
If you have a life insurance policy you no longer need, consider naming Duke as the policy beneficiary. This transforms an unused asset into a meaningful gift to support the university’s mission.
Donor-Advised Funds: Extending Your Impact
You can also name Duke as a remainder beneficiary of your DAF, ensuring that any remaining balance will be used to support Duke’s students and initiatives well beyond your lifetime.
The Power of Beneficiary Designations
Designating Duke as a beneficiary of a retirement account, life insurance policy, or DAF may reduce taxes for your loved ones while maximizing your legacy on campus. Duke’s Office of Gift Planning can work with you and your financial advisors to explore gift strategies that align with your personal and philanthropic goals. Contact us today for more information about legacy giving to Duke.
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