You can designate The Kennedy Center as a beneficiary of part or all the remainder of your IRA or retirement plan. Distributions from retirement plans at the death of the survivor of the account-holder can be subject to both income and estate taxes. In a large estate, these taxes can leave less than 30 cents on the dollar of the plan’s balance for your children or other heirs. By naming The Kennedy Center as the beneficiary of the remainder of your retirement plan, 100 percent of the plan’s balance is available for The Kennedy Center’s use, since the distribution avoids both income and estate taxes.
To Make This Gift:
You must notify your plan’s administrator.
A "change of beneficiary" form will be required.
Sample Beneficiary Designation Language for a Spouse and The Kennedy Center:
The beneficiary is my spouse as long as he/she survives me. The beneficiary of any amount(s) remaining in the plan after the death of my spouse, or of the entire amount in the plan upon my death if my spouse does not survive me, or of any portion thereof that my spouse may disclaim, is The Kennedy Center, for its general charitable purposes or for the benefit of a specific program or personal interest.
We recommend that you consult your tax advisor to determine additional tax benefits to which you may be entitled.
For more information, please contact The Kennedy Center Vice President of Development at 203.365.8522, ext. 229 or email.