Make a Gift in 3 Easy Steps
Beneficiary Designations Are Easy and Flexible
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 Gonzaga College High School 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 Gonzaga to receive and name Gonzaga College High School, along with the percentage you chose, on the beneficiary form.
- Return the completed form to your plan administrator, insurance company, bank or financial institution.
An Example of How It Works
Robert graduated from Gonzaga in the 1950’s. He and his wife, Carol, had two sons who also graduated from Gonzaga. Robert and Carol treasure the financial help they've been able to give their children and Gonzaga over the years. The couple recently updated their will to leave stocks and real estate to their kids. They left Gonzaga a $75,000 IRA to be transferred following their lifetime. Because Gonzaga is tax-exempt, all $75,000 will help support the young men of Gonzaga.
If Robert and Carol had left the IRA to their children, approximately $21,000* would have gone to pay federal income taxes-leaving only $54,000 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 28 percent marginal income tax bracket.
See How It Works
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- Contact Daniel P. Costello ’72 at (202) 336-7174 or email@example.com for additional information on beneficiary designations and how they can help support Gonzaga with our mission.
- 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 Gonzaga in your plans, please use our legal name and federal tax ID.
Legal Name: The President and Directors of Gonzaga College
Address: 19 Eye Street, NW, Washington, D.C. 20001
Federal Tax ID Number: 53-0204703
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.