Make us a beneficiary of your IRA or other “non-probate” assets
Lynn-Ann Ierna’s story
When I attended Bay Path, it was primarily a secretarial college. Dean Jeannette Wright emphasized that Bay Path could be a terrific steppingstone to another university and career. She was right! After succeeding at Bay Path, I attended American University, where I graduated with a degree in Economics. I then embarked on a successful 35-year career as a commercial property and asset manager, working for some of the largest real estate firms in the country.
Hard work and family values have allowed me to retire comfortably. My financial advisor asked me to name a beneficiary of my estate and I decided to honor the legacy of my family and all their hard work to set me on the right path. The Ierna Family ’76 Endowed Building and Maintenance Fund speaks to my background in property management and my passion for ensuring that future Bay Path students can learn in a beautiful, clean, safe environment – all in the heart of New England.
Why beneficiary designations are so powerful
Assets not included in your will are called non-probate assets. Examples are 401(k)s, IRAs, life insurance policies, and other accounts. Designating the Bay Path University as a beneficiary can have a big impact and may avoid unwanted taxes for your heirs.
Charitable benefits
Common gifted assets for beneficiaries
- IRA
- 401(k)
- Life insurance
- Joint real estate
- Joint bank accounts
- Joint property ownership
Designate Bay Path University as a beneficiary to one or more of your accounts.
We have partnered with FreeWill to offer this free online platform that will walk you through the process of setting up your beneficiaries. These gifts have a big impact and can often prevent unwanted taxation.
How your planned gift can transform a life
The vast majority of Bay Path students depend on financial aid to achieve their dreams of a college education. Your decision to include Bay Path University in your will, trust, or other planned gift helps make their dreams a reality. If you have made a planned gift or are considering one, please contact our office to learn more about the impact you can make on the lives of our students.
Frequently Asked Questions
A non-probate asset is an account or other asset that won’t be governed by the decisions you make in a will. Instead, these accounts commonly have an assigned beneficiary that you choose. Types of non-probate assets include many retirement accounts, life insurance, some bank accounts and some assets (like a house or vehicle) that you jointly own with another person.
The most commonly gifted non-probate asset is an IRA or 401(k). This is because these accounts are always taxed (even for people below the estate tax threshold). Giving these accounts to charity keeps your heirs from having to pay unexpected taxes.
Yes! Even if you have a will in place you still need to designate beneficiaries for your non-probate assets.
Yes! Gifts of any size are deeply appreciated. Many people choose to leave a percentage of their estate, which scales up or down with your estate size.
No. You can usually make these easily and at no cost to you.
Yes. You are always free to revise or update your estate plans.
We’re here to help you meet your goals!
Our team would be happy to speak with you in confidence about your giving goals, with no obligation.
Name: John Ramsburgh
Title :Director of Advancement and Planned Giving
Phone: 413-565-1019
Email: jramsburgh@baypath.edu
Name: Kathy Cotnoir
Title: Director of Advancement and Leadership Giving
Phone: 413-565-1209
Email: kcotnoir@baypath.edu
Already included us in your estate plan? Let us know
More ways to make an impact
Gifts in a will or trust
Donations in your will or trust are (by far) the most popular type of planned gift. Learn more, or get help starting your will (for free!).
Popular tax-smart gifts
Many people are increasingly choosing to give non-cash assets, so they can have a bigger impact at less cost to them.
Gifts that pay you back
Give assets while providing yourself or others with income for a period of time or distributions at a later date.