Beneficiary Designations Are Easy and Flexible
Download our FREE guide Beneficiary Designations: The 3 Easiest Ways to Leave Your Legacy.View My Guide
Not everyone wants to commit to making a gift in their will or estate. Some prefer the increased flexibility that a beneficiary designation provides by using:
- IRAs and retirement plans
- Life insurance policies
- Commercial annuities
It only takes three, simple steps to make this type of gift. Here's how to name Southwest Minnesota State University as a beneficiary:
- Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form.
- Decide what percentage (1 to 100) you would like us to receive and name us, along with the percentage you chose, on the beneficiary form.
- Return the completed form to your plan administrator, insurance company, bank or financial institution.
See How It Works
An Example of How It Works
Robert and Carol treasure the financial help they've been able to give their children and SMSU Foundation over the years. The couple recently updated their will to leave stocks and real estate to their kids. They left SMSU Foundation a $75,000 IRA to be transferred following their lifetime. Because SMSU Foundation 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.
Download My FREE Personal Estate Planning Kit
Make Sure You Have a Plan for All Your Assets
- Contact Daniel T. Podoll, MBA, CFRE, CGPA at C: (651) 338-1212 or O: (507) 537-7276 or email@example.com for additional information on beneficiary designations and how they can help support SMSU Foundation 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 SMSU Foundation in your plans, please use our legal name and federal tax ID.
Legal Name: Southwest Minnesota State University
Address: 1501 State Street, Marshall, MN 56258-1598
Federal Tax ID Number: Please contact us for our federal tax ID number.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.