Retirement assets or life insurance
Designate the University of Minnesota as a beneficiary

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

Life insurance can be a valuable asset to use in making a significant charitable gift to benefit the University of Minnesota.  Donors can designate the University of Minnesota Foundation as a beneficiary to receive some or all of the proceeds of the life insurance policy.

 

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.