Gifts from Your Retirement Plan: FAQs

Simply contact your IRA or retirement plan administrator and request a copy of the Change of Beneficiary Form. You can fill this in as you wish and include HMI for a portion or all of the remainder of your plan’s assets.

When you designate the HeartMath Institute as the beneficiary for all or part of your qualified retirement plan assets, those assets pass to us free of any tax. However, when these assets are passed to your heirs (other than your surviving spouse), they are subject to federal income tax and may also be subject to federal estate tax (depending upon the value of your estate) as well as various state income, inheritance and estate taxes. Under the SECURE Act, most non-spousal beneficiaries will be required to withdraw all "inherited" retirement plan funds within a 10-year period. For many, this will make the tax consequences even greater. Because retirement plan assets are typically the most highly taxed assets when you pass on, they are the ideal choice for charitable gifts, designating other assets to your heirs.

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was enacted Jan. 1, 2020. With it came many questions for those who are planning for retirement, retired or who are retiring in the near future.

Passed as part of a spending bill, the SECURE Act brought with it the most significant changes to retirement plans since 2006. While some changes impact you, others will impact the people you name as a beneficiary.

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