RIT Alumni Association
RIT Alumni Association

Thinking you can't afford to give this year? Think again.

Have you wished you could help but thought you couldn’t afford to give? Think again. A beneficiary designation gift might be right for you.

A beneficiary designation gift is a simple and affordable way to make a gift to support Rochester Institute of Technology. You can designate RIT as a beneficiary of a retirement, investment or bank account or your life insurance policy. Naming RIT as a beneficiary can simplify your estate planning, avoid legal fees, and reduce taxes to your loved ones.

Advantages of beneficiary designation gifts

  • Support—Your gift to RIT can support an area of the university you care about the most.
  • Revocable—You can modify or revoke the beneficiary designations at any time during your lifetime.
  • Avoid Probate—Gifting assets via a beneficiary designation will avoid the probate process.
  • Easy to Do—Simply fill out a brief beneficiary designation form provided by the plan or account administrator. (You will need the legal name and tax IT number of RIT).
  • Tax Savings—By making a gift of your retirement plan to our organization, your estate will receive a 100% charitable deduction, thereby saving estate taxes, and will avoid the income taxes on those assets. By comparison, if your estate were subject to the estate tax, your retirement plan would be subject to estate taxes, and if you left your retirement plan to children or grandchildren, those assets would result in substantial income taxes. From a tax perspective, your retirement plan is a “good” asset to leave to charity and can be a “bad” asset to leave to family.
  • Inexpensive—In most cases, there is no need to amend your will or trust, thus saving legal fees.
  • And, you can continue to use your account as long as you need to.

How a beneficiary designation gift works

  • To make your gift, contact the person who helps you with your account or insurance policy, such as your broker, banker or insurance agent.
  • Ask them to send you a new beneficiary designation form.
  • Complete the form, sign it and mail it back to your broker, banker or agent.
  • When you pass away, your account or insurance policy will be paid or transferred to crescendointeractive.com, consistent with the beneficiary designation.

Important considerations for your future

If you are interested in making a gift but are also concerned about your future needs, keep in mind that beneficiary designation gifts are among the most flexible of all charitable gifts. Even after you complete the beneficiary designation form, you can take distributions or withdrawals from your retirement, investment or bank account and continue to freely use your account. You can also change your mind at any time in the future for any reason, including if you have a loved one who needs your financial help.

For questions about how to designate RIT as a beneficiary of your retirement and/or insurance assets, please contact our Planned Giving department at 585.475.3106 or plannedgiving@rit.edu.If you would prefer to be contacted directly, please complete the following form:

please make sure your First Name contains no special characters or numbers
please make sure your Last Name contains no special characters or numbers
Please make sure your Graduate Year is four numbers long
please make sure your email address format is valid i.e. example@test.com
please make sure your Telephone contains no letters or special characters and is at least 5 digits long

It is more than a gift. It is your legacy.

Disclaimer: The information included on this website is not intended to be legal or tax advice and may not be relied upon for tax decisions you wish to make. Always contact your tax or legal advisor to see if the ideas discussed in this article are appropriate for you.