The Bishop's School has long played a significant role in Susan Howell Mallory's '72 life. The tradition began with her mother, Peggy Pence Howell, a
member of the Class of 1943, and then with Susan and her siblings Ruth '71, Amy '78, and John '81. And later, her daughter Emily Ten Eyck LeBlanc '04 made
it three generations!
Along with a strong commitment to her class and the alumni association, Susan was a leader of the broader school community by serving on the board of trustees from 1992-2000, including two years as the board president. Bishop's is thankful for Susan and the many leadership roles she has assumed as well as grateful to Susan and husband Peter for naming The Bishop's School a beneficiary of Susan's 401(k).
Making a gift of your retirement plan to charity is a smart choice as your estate and heirs will avoid taxes on those assets. Plus, you can modify or revoke beneficiary designations at any time during your lifetime. Gifting assets via beneficiary designations avoids the probate process and is easy to put in place by completing a brief beneficiary designation form provided by your plan administrator.
While most people intend to care for family members after they are gone, the problem with giving your unspent retirement savings to your family (other than your surviving spouse) is that the majority of your savings will be taxed. If your estate is taxable, it will pay tax on the retirement asset and then your family members who inherit it will pay tax at their ordinary income rate most often resulting in very little of your remaining money actually going to your family. The better solution is to give your loved ones assets that step-up in basis at death such as stock and real estate. Unlike your retirement assets, these assets may be received and sold by your heirs without paying any tax.
Contact John A. Trifiletti, chief advancement officer, at (858) 875-0851 or firstname.lastname@example.org to discuss meaningful ways of how you can leave a bequest. For sample bequest language, please click this link.