A Smart Gift to Leave to Hood College
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, Hood College 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.
Making this gift is as simple as updating your beneficiary form with your bank or insurance company. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn’t survive you.
Your Next Steps:
- Contact Teresa May, Ph.D. at 301-696-3513 or firstname.lastname@example.org for additional information on commercial annuities.
- Seek the advice of your financial or legal advisor.
- If you include Hood College in your plans, please use our legal name and federal tax ID.
Legal Name: Hood College of Frederick MD
Address: Frederick, MD
Federal Tax ID Number: 52-0591608