The income tax burden on IRAs and other qualified plans makes them ideal assets to donate to Massachusetts General Hospital because they pass to us free of income tax. It’s also easy to make Mass General a beneficiary of your IRA. All you must do is ask your IRA administrator for a beneficiary designation form. You can probably download these forms from the administrator’s web site.
If you participate in an employer sponsored plan, such as a 401(k), your spouse must be your plan’s primary beneficiary. Your spouse can waive his or her right in favor of MGH. Alternatively, with an IRA, you don’t generally need spousal consent to make Mass General the primary beneficiary unless you live in a community property state. Massachusetts is not a community property state.
A Few Things to Know
There are a few things to know about making Mass General a beneficiary of your IRA. Most forms will ask for your relationship to the beneficiary. In the example from Fidelity included here, check the box for “Other Entity.” Enter “Massachusetts General Hospital” in the name space. Use Mass General’s tax identification number, which is 04-1564655. Mark the date of birth as NA.
Beneficiary designation forms ask that you enter a percentage of the balance of your IRA for charity and heirs. If you are leaving the entire remaining balance in your IRA to Mass General, enter 100%. Otherwise, you can leave as little as 5%. The best way to ensure that your gift has the lasting impact you envision is to contact us with instructions for how you would like your IRA gift to be used.
The example below illustrates how to make Mass General a beneficiary of your IRA using Fidelity Investments beneficiary designation. Other IRA administrators will use similar forms.
Learn how easy it is to make a planned gift
For more than 200 years, friends like you have been making great medicine at Massachusetts General Hospital possible. Our planned giving team can help you create a legacy that advances medicine and scientific discovery for future generations.
The Phillips Society represents those who include Mass General in their long-term plans, and those who build an endowment fund.