Beneficiary Designations
Beneficiary Designations Are Easy and Flexible
Not everyone wants to commit to making a gift in their will or estate. Some prefer the increased flexibility that a beneficiary designation provides by using:
- IRAs and retirement plans
- Life insurance policies
- Commercial annuities
It only takes three, simple steps to make this type of gift. Here's how to name the West Virginia State University Foundation as a beneficiary:
- Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form.
- 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.
See How It Works
An Example of How It Works
Gary Swingle comes from a blue-collared family and was the first in his family to go to college. He is grateful for what WVSU has done for him and his career and wanted to give back to State for current and future students. He has done this through scholarships, as well as naming WVSU as the beneficiary of a life insurance policy and IRA. Because the WVSU Foundation is tax-exempt, 100% of the income from both the life insurance policy and the IRA, will go to support our mission with no additional tax implications.
Learn More
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Download My FREE Personal Estate Planning KitInformation 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.