Beneficiaries of your Retirement Plan

Designate Carleton as a beneficiary of part or all of your retirement plan, such as your IRA, 401(k), or 403(b). Normally the assets held in a retirement plan will be subject to both income tax and estate taxes, but if you name Carleton as a beneficiary of a percentage (or all) of your plan, that portion will pass to Carleton free of income or estate taxes.

  • You make a commitment to Carleton today with little or no impact on your current cash flow or investments.
  • You retain control over your assets during your lifetime.
  • Your gift can be structured to benefit Carleton after you die, or after both you and your spouse have died.
  • If you leave retirement assets to your family or friends after your death, these gifts may be reduced by income and estate taxes. To maximize your bequests:
    • Leave retirement assets (such as IRA, 401(k), 403(b), or TIAA-CREF plans) to Carleton and other charities.
    • Use other assets (such as insurance, stock, or real estate) to make bequests to family members and friends.

Download a guide to giving retirement plan assets.

Make a tax-free gift from your IRA

An IRA Qualified Charitable Distribution (QCD), also known as a Charitable IRA Rollover, allows you to make a gift to Carleton directly from your IRA and pay no taxes.

To qualify for a tax-free IRA QCD:

  • You must be age 70 ½ or older at the time of gift.
  • Transfers must be made directly from a traditional IRA account by your IRA administrator to Carleton College. Funds that are withdrawn by you and then contributed do NOT qualify. Gifts from 401(k), 403(b), SEP and other plans do not qualify.
  • The gift must be completed during the applicable tax year.
  • Your gifts may count toward your RMD but do not count as income for federal income tax purposes.
  • If you have already used up your charitable deductions or do not itemize your deductions, you can still make gifts through a QCD.
  • You can use QCDs to make any outright gift, including:
    • Alumni Annual Fund gifts
    • 50th Reunion gifts
    • Pledge payments
    • Gifts to scholarships or other endowed funds

Download more information on QCDs and how to fund a charitable gift annuity with your IRA.

View the Qualified Charitable Distributions Webinar

November 9, 2022

View the Retirement Webinar

October 9, 2023