Would you like to help fulfill the mission of Franklin & Marshall College without changing your will or parting with any assets now?
You can do this by naming F&M as a beneficiary of certain assets or accounts you own. This “beneficiary designation” is one of the simplest ways to make a gift to the College; it is literally as easy as filling out a form.
You can name Franklin & Marshall the sole beneficiary of your assets, or one among several beneficiaries. For example, you can use some of your assets to make a legacy gift to the College while using the rest to provide for family members or other loved ones.
There are many benefits of making a gift by beneficiary designation:
- Flexibility: You remain in control of your assets, should you need them. You also can change your gift designation at any time.
- Easy to arrange: This does not require a change to your will.
- Tax incentives: Funds passing to F&M are not subject to income or estate tax, meaning 100 percent of your gift will benefit F&M.
- Family-friendly: You can name family or other loved ones to benefit from some of the asset value, with F&M receiving the remaining portion.
- Support your cause: Your gift to F&M will make a difference in the lives of our students.
ASSETS TO CONSIDER INCLUDE:
Retirement Assets
These include IRAs and most qualified retirement plans, such as 401(k) and 403(b) plans. Request a beneficiary designation form from your plan administrator and designate Franklin & Marshall College as a beneficiary of a percentage of your plan balance or a specific dollar amount.
Because retirement assets may be taxed at a high rate when they pass to family, they make for a particularly tax-wise way to support F&M. To read more about the benefits of gifting your retirement assets, see the article "A Family-Friendly Way to Give."
Life Insurance Policies
Simply complete and return (to your insurance company) a form designating that Franklin & Marshall College should receive all or a portion of the death benefit associated with your life insurance policy.
Commercial Annuity Contracts
A commercial annuity will sometimes have a remaining value at the end of the annuitant’s lifetime. You can name F&M the recipient of all or part of this amount by designating F&M as a beneficiary (sole or partial) on the appropriate form from the annuity company.
Bank Accounts
You can instruct your bank to pay F&M all or a portion of what remains in your checking or savings account. Your bank can provide you with the appropriate beneficiary designation form.
Investment Account
You can instruct your investment company to transfer to the College some or all of the investments held in your account at the time of your passing. Your broker or agent can let you know the process for doing this — it may be as simple as adding “T.O.D. to Franklin & Marshall College” after your name on the account.