Make a Gift in 3 Easy Steps
Beneficiary Designations Are Easy and Flexible
Download our FREE guide Beneficiary Designations: The 3 Easiest Ways to Leave Your Legacy.View My Guide
Not everyone wants to commit to making a gift in their will or estate. 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 Bates 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 Bates to receive and name the college, along with the percentage you chose, on the beneficiary form.
- Return the completed form to your plan administrator, insurance company, bank, or financial institution.
How It Works
Robert and Carol treasure the financial help they've been able to give their children and Bates over the years. Now that their kids are grown, Robert and Carol changed their estate plan so it could work harder for the people and causes they love. The couple updated their will to leave stocks and real estate to their kids. And they left Bates a $20,000 IRA to be transferred after their death. Because Bates is tax-exempt, all $20,000 will help support our mission.
If Robert and Carol had left the IRA to their children, approximately $6,600* would have gone to pay federal income taxes—leaving only $13,400 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 33 percent marginal income tax bracket.
See How It Works
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Make Sure You Have a Plan for All Your Assets
- Contact the Office of Gift Planning at (207) 786-6246 or Toll-free: (800) 762-3145 or email@example.com for additional information on beneficiary designations and how they can help support Bates.
- 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 Bates in your plans, please use our legal name and federal tax ID.
Legal Name: President and Trustees of Bates College
Address: 2 Andrews Road, Lewiston, ME 04240
Federal Tax ID Number: #01-0211781
The information on this website 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. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.