Beneficiary Designations
Make a Gift in 3 Easy Steps
Not everyone wants to commit to making a gift in their Wills or estates. Some prefer the increased flexibility that a beneficiary designation provides by using:
- IRAs and retirement plans
- Life insurance policies
- Donor advised funds
- Commercial annuities
It only takes three simple steps to make this type of gift. Here's how to name University of the Cumberlands as a beneficiary:
- Contact the administrator of your retirement plan, insurance policy, bank account or donor advised fund for a change-of-beneficiary form or simply download a form from your provider's website.
- 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
Download our FREE guide Beneficiary Designations: The Easiest Ways to Leave Your Legacy.
View My GuideAn Example of How It Works
Robert and Carol treasure the financial help they've been able to give their children and Cumberlands over the years. The couple recently updated their Will to leave stocks and real estate to their kids. They left Cumberlands a $75,000 IRA to be transferred following their lifetime. Because Cumberlands is tax-exempt, all $75,000 will help support our mission.
If Robert and Carol had left the IRA to their children, approximately $18,000* would have gone to pay federal income taxes—leaving only $57,000 for their family's use. Robert and Carol are happy knowing they are making the most of their hard-earned money thanks to their updated estate plan.
*Based on an assumption of a 24% marginal income tax bracket.
See How It Works
Additional Resources
Gifts That Pay
Your payments depend on your age at the time of the donation. If you are younger than 60, we recommend that you learn more about your options and download this FREE guide Plan for Retirement With a Deferred Gift Annuity.