A Smart Gift to Leave to Old Dominion University
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, Old Dominion University 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.
Gifts That Pay You Income
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.View My Guide
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- Contact Barbara M. Henley, CFRE at 757-683-6563 or email@example.com or Brett A. Smiley, CFRE at 757-683-4735 or firstname.lastname@example.org for additional information on commercial annuities.
- Seek the advice of your financial or legal advisor.
- If you include ODU in your plans, please use our legal name and federal tax ID.
Legal Name: Old Dominion University Educational Foundation
Address: 4417 Monarch Way, Suite 4113, Norfolk, VA 23529
Federal Tax ID Number: 54-6052014
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.