A smart gift to leave to Miami
We can receive your commercial annuity tax-free
Like retirement plan assets, commercial annuities provide for tax-deferred growth while the owner is living. Because distributions from commercial annuities are subject to income taxes, they are often considered among the best assets to leave to charity. Due to our tax-exempt status, Miami University can receive your commercial annuity completely tax-free. The best way to give a commercial annuity in support of our work after your lifetime is to name Miami as beneficiary.
Upon withdrawal, a distribution from a commercial annuity will be subject to federal income tax and applicable state income tax. By naming us as beneficiary, the Miami University Foundation can receive your commercial annuity completely tax-free and any assets contributed to the Miami University Foundation in this manner will result in a charitable deduction and help reduce any estate tax your estate might incur.
Making this gift is as simple as updating your beneficiary form with your bank or insurance company. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn’t survive you.