Beneficiary Designation Gifts
The Ohio University Foundation can be named the beneficiary of your IRA, 401k, 403b, or other tax-deferred plans. An individual inheriting these types of assets would be subject to considerable taxes; however, The Ohio University Foundation can receive these assets without incurring income or estate taxes. You can also include OHIO as a beneficiary of your life insurance policy
Benefits of a beneficiary designation gift
- Maintain use and control of assets for lifetime
- Simplify your planning and avoid expensive legal fees
- Eliminate income taxes as The Ohio University Foundation is tax exempt
- Reduce tax burden on family
- Receive an estate tax charitable deduction
- Designate your gift as you desire
How a beneficiary designation gift works
- To make your gift, contact your custodian, broker, banker or insurance agent for a new beneficiary designation form.
- Complete the form by naming The Ohio University Foundation, Tax ID number 31-6402269 as a beneficiary, signand mail the formback to your broker, banker or insurance agent.
- Make our office aware of your intentions by providing a copy of the beneficiary designation form, and completing any gift designation paperwork necessary.
- Your gift will be transferred to The Ohio University Foundation consistent with the beneficiary designation, avoiding the probate process.
Important considerations for your future
If you are interested in making a gift but are also concerned about your future needs, keep in mind that beneficiary designation gifts are among the most flexible of all charitable gifts. Even after you complete the beneficiary designation form, you can take distributions or withdrawals from your retirement, investment or bank account and continue to freely use your account. You can also change your mind at any time in the future for any reason, including if you have a loved one who needs your financial help.
If you have any questions about leaving a beneficiary designation gift to us, please contact us. We would be happy to assist you.
If you have already designated us as a beneficiary of an asset or as part of your estate plan, please let us know. We would like to recognize you and your family for your gift.
FlexibilityMost beneficiary designation forms are very flexible. You can name The Ohio University Foundation as a "full" or "partial" beneficiary of your account or life insurance policy. You can also name The Ohio University Foundation as a "primary" or "contingent" beneficiary.
Family ConsiderationsBeneficiary designation gifts allow you to provide for family and support the causes that matter most to you. With a designation form you could, for example, name your spouse as the "primary" beneficiary and each of your children and The Ohio University Foundation as "partial contingent" beneficiaries. With this arrangement, if your spouse survives you, he or she would receive the account. If not, the account or policy would be paid out to your children and The Ohio University Foundation in whatever shares (or percentages) that you chose on the designation form.
TerminologyBeneficiary designation gifts are simple and straightforward. Common terminology includes "beneficiary designation" but also includes "payable on death" or "transfer on death." The term "beneficiary designation" is most commonly used when naming beneficiaries of retirement plans or life insurance policies. The term payable on death (or "POD") typically involves the designation of a beneficiary of a checking account, savings account or certificates of deposit, and transfer on death (or "TOD") often involves the designation of a beneficiary of stocks, bonds or mutual funds.