Go Faster Farther in 3 Easy Steps
Beneficiary Designations Are Easy and Flexible
Not everyone wants to commit to making a gift in their will or estate. Some prefer the increased flexibility that a beneficiary designation provides by using:
- IRAs and retirement plans
- Life insurance policies
- Commercial annuities
It takes just three simple steps to make this type of gift. Here's how to name the George Mason University Foundation as a beneficiary:
- Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form.
- Decide what percentage (1 to 100) you would like us to receive and name the Foundation, along with the percentage you chose, on the beneficiary form.
- Return the completed form to your plan administrator, insurance company, bank or financial institution.
See How It Works
An Example of Mason Philanthropy at Work
Robert and Carol treasure the financial help they've been able to give their children over the years. They are longtime residents of Fairfax and feel strongly about supporting Mason because of the important role it plays in their community. The couple recently updated their will to leave stocks and real estate to their kids. They left the George Mason University Foundation a $75,000 IRA to be transferred following their lifetime. Because the Foundation is tax-exempt, all $75,000 will help support future students.
If Robert and Carol had left the IRA to their children, approximately $21,000* would have gone to pay federal income taxes—leaving only $54,000 for their family's use. Robert and Carol are happy knowing they are making the most of their hard-earned money thanks to their updated estate plan.
*Based on an assumption of a 28 percent marginal income tax bracket.
- Contact our planned giving professionals at 703-993-8850 or firstname.lastname@example.org for additional information on beneficiary designations and how they can help Mason go faster farther.
- Talk to your financial or legal advisor to learn which assets will or will not trigger taxable income when paid to a beneficiary.
- If you name Mason in your plans, please use our legal name and federal tax ID.
Legal Name: George Mason University Foundation, Inc.
Address: 4400 University Drive MS 1A3, Fairfax Virginia 22030
Federal Tax ID Number: 54-1603842
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.