Cal State LA

Beneficiary Designations

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© 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. California State University, Los Angeles University Advancement 5151 State University Drive Los Angeles, CA 90032 T (323) 343-3075 • F (323) 343-4225 We want to work with you to create a gift that best fits your circumstances and our mission. To learn more about the benefits of designating Cal State LA as beneficiary of your retirement assets, life insurance or commercial annuities, please contact us today. not use the insurance policy to help advance our mission? Not only will you make a substantial gift at a relatively low cost, but it is revocable at any time should you need to change your plans. You can designate Cal State LA as the beneficiary for a percentage of your life insurance policy's death benefit. You choose whatever percent you desire. To complete your future gift, you can either contact your insurance provider and request and complete a beneficiary designation form or download the form from their website. 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 Cal State LA. 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 have 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. Also be sure to notify the beneficiaries so they can claim the proceeds. HOW TO OBTAIN BENEFICIARY FORMS (if you prefer not to download from their website) 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.

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