Retirement plans can be especially effective assets to contribute to Einstein. Distributions from such plans can be subject to substantial tax levies if left to a child, grandchild or other heir. In large estates, it has been estimated that the tax burden could be as high as 70 percent. Leaving the remaining value of such plans to Einstein, places 100 percent of the value in the hands of the leadership of the College allowing them to use the funds were the need is most pressing or where you may have requested the funds to be applied.
In order to designate such funds to be received by Einstein, you will need to contact your retirement plan or IRA administrator and ask for a change in beneficiary form, then indicate Einstein as the beneficiary. If you wish your spouse to continue to receive payments from your retirement account, indicate to your plan's administrator in writing that following the death of your spouse, all or a percentage of the remaining funds in your IRA or retirement plan are to be sent to the Albert Einstein College of Medicine.