A Smart Gift to Leave to Gonzaga College High School
Gonzaga Receives 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, Gonzaga College High School 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 us as beneficiary.
Upon withdrawal, a distribution from a commercial annuity will be subject to federal income tax and applicable state income tax. By naming Gonzaga College High School as beneficiary, the school can receive your commercial annuity completely tax-free and any assets contributed to Gonzaga 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 Gonzaga as the primary beneficiary for a percentage or specific amount. You can also make Gonzaga the contingent beneficiary so that the school will receive the balance of your policy only if your primary beneficiary doesn’t survive you.
- Contact Daniel P. Costello ’72 at (202) 336-7174 or firstname.lastname@example.org for additional information on commercial annuities.
- Seek the advice of your financial or legal advisor.
- If you include 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
Information contained herein was accurate at the time of posting. 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 any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: 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. Oklahoma residents: 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. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.