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An Example of How It Works
Robert and Carol treasure the financial help they've been able to give their children and Concordia College over the years. The couple recently updated their will to leave stocks and real estate to their kids. They left Concordia College a $75,000 IRA to be transferred following their lifetime. Because Concordia College is tax-exempt, all $75,000 will help support our mission.
If Robert and Carol had left the IRA to their children, approximately $18,000* would have gone to pay federal income taxes—leaving only $57,000 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 24 percent marginal income tax bracket.
- Contact Trina Hall at 218.299.3445 or email@example.com for additional information on beneficiary designations and how they can help support Concordia College with our mission.
- 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 Concordia College in your plans, please use our legal name and federal tax ID.
Legal Name: Concordia College
Address: Moorhead, MN
Federal Tax ID Number: 41-0693977