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Beneficiary Designation Gifts

A beneficiary designation gift is a simple and affordable way to make a gift to support Furman University. You can designate us as a beneficiary of a retirement, investment or bank account or your life insurance policy.

Make a Future Gift of Retirement Assets

Donating part or all of your unused retirement assets, such as your IRA, 401(k), 403(b), pension or other tax-deferred plan, is an excellent way to make a gift to Furman University.

If you are like most people, you probably will not use all of your retirement assets during your lifetime. You can make a gift of your unused retirement assets to help further our mission.

Benefits of Gifts of Retirement Assets

• Support the causes that you care about
• Continue to use your account as long as you need to
• Simplify your planning and avoid expensive legal fees
• Reduce the burden of taxes on your family
• Receive potential estate tax savings from an estate tax deduction

How a beneficiary designation gift works

1. To make your gift, contact the person who helps you with your account or insurance policy, such as your broker, banker or insurance agent.
2. Ask them to send you a new beneficiary designation form.
3. Complete the form, sign it, and mail it back to your broker, banker, or agent. You may need to provide Furman University's tax ID number, which is 57-0314395.
4. When you pass away, your account or insurance policy will be paid or transferred to Furman University, consistent with the beneficiary designation.

Important considerations for your future

If you are interested in making a gift but are also concerned about your future needs, keep in mind that beneficiary designation gifts are among the most flexible of all charitable gifts. Even after you complete the beneficiary designation form, you can take distributions or withdrawals from your retirement, investment or bank account and continue to freely use your account. You can also change your mind at any time in the future for any reason, including if you have a loved one who needs your financial help.

How to make a gift of retirement assets

To leave your retirement assets to Furman University, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate Furman University as beneficiary, we will benefit from the full value of your gift because your retirement assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift.

Future gifts from your retirement assets

Did you know that 40%-60% of your retirement assets may be taxed if you leave them to your heirs at your death? Another option is to leave your heirs assets that receive a step up in basis, such as real estate and stock, and give the retirement assets to Furman University. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets. You can use the "Make a Future Gift of Retirement Assets" tool to contact your retirement plan custodian and designate a future gift to Furman University.

Contact us

If you have any questions about leaving a beneficiary designation gift to us, please contact us. We would be happy to assist you.

If you have already designated us as a beneficiary of an asset or as part of your estate plan, please let us know. We would like to recognize you and your family for your gift.

Additional Information

Flexibility—Most beneficiary designation forms are very flexible. You can name Furman University as a "full" or "partial" beneficiary of your account or life insurance policy. You can also name Furman University as a "primary" or "contingent" beneficiary.

Family Considerations—Beneficiary designation gifts allow you to provide for family and support the causes that matter most to you. With a designation form you could, for example, name your spouse as the "primary" beneficiary and each of your children and Furman University as "partial contingent" beneficiaries. With this arrangement, if your spouse survives you, he or she would receive the account. If not, the account or policy would be paid out to your children and Furman University in whatever shares (or percentages) that you chose on the designation form.

Terminology—Beneficiary designation gifts are simple and straightforward. Common terminology includes "beneficiary designation" but also includes "payable on death" or "transfer on death." The term "beneficiary designation" is most commonly used when naming beneficiaries of retirement plans or life insurance policies. The term payable on death (or "POD") typically involves the designation of a beneficiary of a checking account, savings account or certificates of deposit, and transfer on death (or "TOD") often involves the designation of a beneficiary of stocks, bonds or mutual funds.

Additional Materials
To download a brochure and learn more about Beneficiary Designation gifts.
To download a brochure and learn more about TOD gifts.
To download a brochure and learn more about POD gifts.

Beneficiary Designations and Real Estate—Some states even allow "beneficiary designation deeds" or "transfer on death deeds," which would allow you to name Furman University as the survivor beneficiary of your home, farm or other real estate. As with other beneficiary designation gifts, these gifts are revocable by filing a revocation or new beneficiary designation deed.

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