Did you know that you can name The University of Akron as a beneficiary of a retirement, investment, or bank account or a life insurance policy. A beneficiary designation is a simple and affordable way to make a gift to the University while maintaining the use and benefit of those assets during your lifetime.
Make a Future Gift of Retirement Assets
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Thank you for considering a beneficiary designation gift to us. The website link will take you to your retirement plan custodian's website, where you may be able to log in and include The University of Akron Foundation as a designated beneficiary. Another option is to use the phone number to call your retirement plan custodian. They will assist you in updating your beneficiary designation. If you would like to notify us of your generous beneficiary designation, please complete the Notify us of your Beneficiary Designation section.
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| Thank you for considering a IRA gift to us. A sample letter is available to send to your DAF provider. You may save and print the PDF of your letter. If you have email contact information for your DAF provider, you may send a PDF copy of your DAF letter or you may copy and paste the text into an email. You will need to enter the amount of your recommended grant and your DAF account number on the letter before mailing. If you would like to notify us of your generous gift, please complete the Notify us of your DAF Gift section. | ||||||
Beneficiary Designation Gifts
Make a Future Gift of Retirement Assets
Donating part or all of your unused retirement assets, such as your IRA, 401(k), 403(b), pension or other tax-deferred plan, is an excellent way to make a gift to The University of Akron Foundation.
If you are like most people, you probably will not use all of your retirement assets during your lifetime. You can make a gift of your unused retirement assets to help further our mission.
(IRA/Investment)
Benefits of gifts of retirement assets
- Simplify your planning
- Support the causes that you care about
- Continue to use your account as long as you need to
- Heirs can instead receive tax-advantaged assets from the estate
- Receive potential estate tax savings from an estate tax deduction
How to make a gift of retirement assets
To leave your retirement assets to The University of Akron Foundation, you will need to complete a beneficiary designation form provided by your retirement plan custodian. You can use the "Make a Future Gift of Retirement Assets" tool to contact your retirement plan custodian and designate a future gift to The University of Akron Foundation.
Future gifts from your retirement assets
If you designate The University of Akron Foundation as beneficiary, we will benefit from the full value of your gift because your retirement assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift. Did you know that 60%-70% of your retirement assets may be taxed if you leave them to your heirs at your death? An alternative option is to leave your heirs assets that receive a step up in basis, such as real estate and stock, and give the retirement assets to The University of Akron Foundation as the Foundation, as a charity, does not pay taxes on receipt of those assets.
Contact us
If you have any questions about gifts of retirement assets, please contact us. We would be happy to assist you and answer any questions that you have.
A "beneficiary designation" includes "pay on death (POD)" or "transfer on death (TOD)" beneficiary designations. The phrase "pay on death" or "POD" beneficiary is generally used in the context of financial accounts, while the phrase "transfer on death" or "TOD" is often used to refer to stock, bonds, mutual funds, or even real estate, in some states.
Often a beneficiary form will allow you to name one or more primary beneficiaries as well as contingent beneficiaries, who would inherit the assets should the primary beneficiaries not be living. This allows a donor to provide for a spouse, should they survive, or if not, then for children and/or The University of Akron, in whatever shares or percentages the donor should designate.
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