Make a Gift in 3 Easy Steps
Beneficiary Designations Are Easy and Flexible
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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 The Pennsylvania State University 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 us, along with the percentage you chose, on the beneficiary form.
- Return the completed form to your plan administrator, insurance company, bank or financial institution.
Learn more by viewing our Bequest and Charitable Designations fact sheet.
See How It Works
An Example From Penn State
As a biochemist who spent 25 years of her 40-year career working in research administration, Sarah Kalser ('51 AGR) knows the value of funding to a scientist. When she made her estate plans in the late 1980s, she decided that $100,000 from her retirement funds would ultimately support researchers in Penn State's College of Agricultural Sciences through the Sarah Chinn Kalser Faculty Research Assistance Endowment.
"I had worked at the National Institutes of Health for a long time and saw people who were good researchers but whose grant funding did not come through. I wanted to help people who had an interruption in their research funding," Sarah says.
A few years later, Sarah decided she wanted to see the yield on her philanthropic commitment during her lifetime, so she began making annual gifts to jump-start her endowment.
"Even though $5,000 a year didn't seem like that much, it helped, and Penn State would send me letters letting me know who used the money and the research work it supported."
Then, last year, Congress passed the Pension Protection Act of 2006. This legislation allows eligible donors to make gifts directly from their individual retirement accounts (IRA), without any taxes on the distributions, until December 31, 2007.
Sarah learned about the legislation from the development officers in the College and received more details from representatives of Penn State's Office of Gift Planning.
"I checked with my financial adviser who agreed that this was a reasonable thing to do since I had committed to the gift as part of my estate. It was a good way to write it off the books, and the people who lost research support could use the money now. Why wait 20 years?" she says.
Read the full story on Sarah Kalser's gift.
Make Sure You Have a Plan for All Your AssetsDownload our FREE Personal Estate Planning Kit
- Contact Michael J. Degenhart at 888-800-9170 (toll free) or firstname.lastname@example.org for additional information on beneficiary designations and how they can help support Penn State 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 Penn State in your plans, please use our legal name and federal tax ID.
Legal Name: The Pennsylvania State University
Address: c/o Office of Gift Planning, 212 The 103 Building, University Park, PA 16802
Federal Tax ID Number: 24-6000-376
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.