A Smart Gift to Leave to Bates

We Can Receive Your Commercial Annuity Tax-Free

Banks and life insurance companies typically sell commercial annuities. They provide the owner with fixed or variable income based on commercial rates of return. Because commercial annuities are subject to income and estate taxes, and for larger estates, federal taxes, they are often considered among the best assets to leave to charity. The best way to give a commercial annuity in support of our work after your lifetime is to name Bates as beneficiary.

Upon withdrawal, a distribution from a commercial annuity will be subject to federal income tax and applicable state income tax. By naming the college as beneficiary, Bates can receive your commercial annuity completely tax-free and any assets contributed to Bates 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 Bates as the primary beneficiary for a percentage or specific amount. You can also make the college the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn’t survive you.

Not Sure How to Begin Planning?

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Next Steps

  1. Contact the Office of Gift Planning at (207) 786-6246 or Toll-free: (800) 762-3145 or giftplanning@bates.edu for additional information on commercial annuities.
  2. Seek the advice of your financial or legal advisor.
  3. If you include 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