As you’re heading out to the lake for a getaway this summer, Spike wants to remind you to pack your bags full of sunscreen, leave your vet number for the pet-sitter, unplug all electronics… and review your important family documents.
Do you have correct beneficiaries designated in your insurance policies and retirement accounts?
401(k)s, 403(b)s, IRAs and insurance policies pass by beneficiary designation, not through your will.
- Most retirement plans, including 401(k)s and IRAs are income tax-deferred, meaning that income tax is not paid until the funds are distributed to you during retirement.
- Retirement assets are among the most costly assets to distribute to loved ones because they are subject to income taxes by your beneficiaries; as an alternative, retirement assets make ideal gifts to tax-exempt charitable organizations such as Gonzaga University.
- Life insurance is an asset you may not think of donating to Gonzaga University until you hear how powerful, practical and simple it can be. Find out more now.
Do you know where your will is?
If you’re creating a will for the first time, here are four easy steps to follow:
- Start by getting organized and outlining your objectives by asking yourself two questions: “How do I want to divide my assets among my family members, other loved ones and favorite causes?” and “Do I need to make special provisions for any of my heirs?”
- Choose guardians – if you have minor children or an adult child, a parent or a spouse with special needs who is your dependent, you must think about who will care for them if you’re gone.
- Choose an executor who will undertake many important responsibilities. If you don’t have a will, or if your will doesn’t name an executor, the courts will appoint one.
- Meet with an estate planning attorney to record your wishes in a legally enforceable will.
Resources:
- Know when and how to update your will
- Learn what your will can do
- Learn what your will cannot do
- Four major benefits of naming Gonzaga in your will
Do you have your durable power of attorney, living will and health care proxy documents up-to-date?
Take the time to make necessary arrangements for your affairs to be handled and save yourself from headaches down the road.
As you update your important documents, please don’t forget to include your Gonzaga family. The “Corporation of Gonzaga” [501(c)(3), Tax ID#91-0236600] may be included in your will, living trust or listed as a beneficiary of your retirement assets or life insurance.
For more information, or our free Guide to Wills and Trusts, contact Judy Rogers in the Planned Giving office at (800) 388-0881 or visit gonzaga.edu/plannedgiving.