UNIVERSITY OF MINNESOTA FOUNDATION

Giving assets in a retirement account or life insurance policy

The University of Minnesota Foundation (UMF) can be named as a beneficiary of qualified retirement  plan assets, IRAs, bank or brokerage accounts, or life insurance policies. UMF can be designated to receive a specific dollar amount, a percentage, or the entire account. 

You can request beneficiary designation forms through the bank or company where the assets are held.  

To designate UMF as a beneficiary, please use the following information: 

Legal name: University of Minnesota Foundation 
Legal address: 200 Oak Street SE, Suite 500, Minneapolis, MN 55455 
Federal Tax ID: 41-6042488

Retirement plan assets

Naming the University of Minnesota as a beneficiary of tax-deferred retirement accounts is a tax-efficient way to make a gift to the University. Tax-deferred retirement assets that are transferred to heirs are subject to income tax, and possibly estate tax, upon distribution.

If left to the University, retirement assets will pass free of income tax and estate tax, allowing the full value of the gift to be used to support the campus, college, program, or fund the donor chooses. This makes tax-deferred retirement accounts an excellent choice to use for a charitable estate gift.

Gifts of life insurance

A donor's life insurance policy could be a versatile and valuable asset to make a significant charitable gift to benefit the campus, college, or program of their choice at the University of Minnesota.

Advantages of a life insurance gift include: 

Direct transfers from a bank or investment account

TOD stock portfolio

The simplest way to make a charitable gift from a securities portfolio at death is through a transfer on death (TOD) designation. Most investment companies offer the option of TOD accounts for stocks and bonds. Donors can inform their investment companies that they would like to set up a TOD account, and name the University of Minnesota Foundation as the beneficiary of all or a portion of the account. The TOD assets will be distributed to the Foundation to benefit the U upon death of the account owner and will not be subject to probate. 

Disclaimer

Information on this website is not intended as legal or tax advice. For information on how any gift may affect your tax situation, please consult with your own professional advisor.