Beneficiary Designations are Easy and Flexible
Friends of the University of Kentucky are dedicated to supporting UK for generations to come but not everyone wants to commit to making a gift in their wills or estate plan. 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 the University of Kentucky 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 UK, along with the percentage you chose, on the beneficiary form.
- Return the completed form to your plan administrator, insurance company, bank or financial institution.
Gifts That Pay
Your payments depend on your age at the time of the donation. If you are younger than 60, we recommend that you learn more about your options and download this FREE Guide Plan for Retirement with a Deferred Gift Annuity.
Not Sure How to Begin Planning?
An Example of How It Works
Robert and Carol treasure the financial help they've been able to give their children and UK over the years. The couple recently updated their will to leave stocks and real estate to their kids. They left UK a $75,000 IRA to be transferred following their lifetime. Because UK is tax-exempt, all $75,000 will help support future UK students.
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.
- Contact Gift and Estate Planning at (859) 257-7886 or firstname.lastname@example.org for additional information on beneficiary designations.
- 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 UK in your plans, please use our legal name and federal tax ID.
Legal Name: University of Kentucky
Address: Sturgill Philanthropy Building, Lexington, KY 40506-0015
Federal Tax ID Number: Please contact us for our federal tax ID number.