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Beneficiary Designations

Passing down all or part of your life insurance policy, retirement accounts, or bank accounts can make an impact on the future of healthcare without costing you anything today.

One of the easiest ways to give to MUSC Foundation is to name the MUSC Foundation as a beneficiary to pass on your assets after your lifetime. You can choose to give all or a portion of those assets.

Often, it's as easy as filling out a form.

Naming a beneficiary on retirement account assets

An alternative to a charitable bequest is to designate MUSC as the beneficiary of your retirement account assets. This gift is simple because there is no need to modify your will or living trust. You simply complete a beneficiary designation form with your plan administrator.

Giving retirement assets to MUSC can be a way to make a gift and save on taxes. Retirement assets that are left to family members may be subject to income tax when distributed, potentially increasing their tax burden. Gifts to MUSC, a tax-exempt organization, allow 100% of the assets to support its charitable mission. A tax-efficient strategy is to leave other types of assets – cash, securities, real estate – to your heirs and give the more heavily taxed retirement assets to MUSC.

Other assets that allow you to name MUSC a beneficiary

Benefits of naming MUSC a beneficiary

Simplicity

Just fill out a form with your plan administrator, insurance company, or bank.

Tax Savings for Heirs

Inherited retirement accounts, like IRAs and 401(k)s, are subject to income taxes. Naming MUSC as a beneficiary could reduce the tax burden for your loved ones.

Give More to Your Cause

Since MUSC is tax-exempt, the full amount you wish to give will go to support the MUSC cause you care most about.

Next steps to name MUSC as a beneficiary

1. Choose an asset such as an IRA, 401(k), life insurance policy, bank account, or investment account.

2. Complete a beneficiary form through your plan administrator, insurance company, bank, or investment firm.

3. Provide MUSC’s information: Medical University of South Carolina Foundation, 18 Bee Street, MSC 450, Charleston, SC 29425, federal tax identification number 57-6028985.

4. Let us know about your gift so we can thank you and connect your gift with the area you wish to support.