Community Foundation as IRA Beneficiary
Designating the Community Foundation of New Jersey as the beneficiary of an Individual Retirement Account (IRA) is a commonly-used and highly-effective tool when estate planning. Those with an IRA may designate any public charity – including a specific fund at the Community Foundation or the Community Foundation generally – as the beneficiary.
The benefits of designating the Community Foundation as a beneficiary include the opportunity to leave a lasting philanthropic legacy, the simplicity of the process, and the reduction in one’s total tax burden.
Designating the Community Foundation as the beneficiary of one’s IRA is a three-step process:
- Contact the person who manages your IRA and request a new beneficiary designation form
- Add the following as the new beneficiary: Community Foundation of New Jersey, EIN 22-2281783. If you wish to designate your own fund at the Community Foundation as the beneficiary, include the fund’s name as follows: Community Foundation of New Jersey, c/o FUND NAME
- Complete the form, sign it, and mail it back to the institution that manages your IRA
When you pass away, your IRA will be distributed consistent with the beneficiary designation.
If you have any questions before, during, or after this process, please contact the Community Foundation at (973) 267-5533. We would be happy to walk you through the process.