San Jose State University

Beneficiary Designations

Issue link: http://interactive.legacybrochure.com/i/589041

Contents of this Issue

Navigation

Page 2 of 2

© The Stelter Company The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. San Jose State University Office of Planned Giving One Washington Square San Jose, CA 95192-0257 408-924-1473 planned.giving@sjsu.edu We want to work with you to create a gift that best fits your circumstances and our needs. To learn more about the benefits of designating SJSU as a beneficiary of your retirement assets, life insurance or commercial annuities, please contact us today. contact your insurance company or agent and request and complete a beneficiary designation form. Then mail it back to the insurance company. Keep a copy for your records. 3 ] Commercial Annuities Commercial annuities are tax-heavy assets to own, similar to retirement plans and IRAs. They carry an income tax burden when paid to your named beneficiary. The income tax is due on the growth of the annuity—in other words, what its value is worth when you die over what you paid for it. The tax burden makes these assets another popular choice to leave to a tax-exempt organization like ours. Similar to the process for making gifts of retirement plan assets and life insurance, to complete a gift from your commercial annuity, contact your bank, insurance company or financial institution for a change-of-beneficiary form for the annuity. Decide what percentage of the annuity's value you would like us to receive and name us along with the stated percentage on the beneficiary form. Then mail it back and keep a copy for your records. The Importance of Updating Your Designations Beneficiary designations can be modified at any time to meet your changing needs. Your assets may never reach your intended recipients if you've failed to keep the beneficiary designations up to date. Experts suggest reviewing them every two to three years when you review your entire estate plan. How to Obtain Beneficiary Forms Retirement plans and IRAs. Contact the administrator of your retirement plan or IRA. Life insurance. Contact the life insurance company or your agent. Commercial annuities. Contact the bank, insurance company or financial institution.

Articles in this issue

Links on this page

Archives of this issue

view archives of San Jose State University - Beneficiary Designations