A beneficiary designation is one of the simplest ways to make a gift to The Cooper Union for the Advancement of Science and Art. It's literally as easy as filling out a form.
You can specify the individuals and charities you want to support and you can also specify the percentage of the assets you want each beneficiary to receive.
Beneficiary designations are available when giving the following assets:
Your will does not necessarily control the distribution of your retirement assets. The designation of beneficiary instructions you provide to the retirement plan custodian determine where that custodian will distribute the remaining assets in each account. If no instructions have been given to the custodian those assets will distribute to your estate, and any taxes due may need to be paid by the estate before charitable distributions can be made through your will.
When you designate The Cooper Union for the Advancement of Science and Art as the beneficiary of your retirement assets, you have planned a tax-efficient gift that can be easily changed or updated during your lifetime. A gift of retirement assets has the added advantage of being among the most tax-wise ways to make an estate gift. This is because your retirement assets, if left to individuals, will be subject to income tax when they receive distributions and, in the case of a non-spouse, those distributions may be accelerated. With a gift to a non-profit such as the Cooper Union, 100 percent of the funds are available for its charitable purposes. If you want to remember us in your estate plan, it is often better to leave other types of assets – cash, securities, real estate – to your heirs and give the more heavily taxed retirement asset to the The Cooper Union for the Advancement of Science and Art.
Life Insurance policies can also be used to make a gift to the Cooper Union. Complete and return to the insurance company a form designating that the The Cooper Union for the Advancement of Science and Art receives all or a portion of the death benefit associated with your life insurance policy. As an alternative to naming the Cooper Union as the beneficiary, you can transfer ownership of the policy. Transferring ownership results in an immediate income tax charitable deduction and potential income tax savings in the year of the gift.
Commercial Annuity Contracts - a commercial annuity will sometimes have a remaining value at the end of the annuitant’s lifetime. You can name The Cooper Union to receive all or part of this amount by designating it as a beneficiary (sole or partial) on the appropriate form from the insurance company.
Bank Accounts - you can instruct your bank to pay Cooper Union all or a portion of what remains in a checking or savings account. Your bank can provide you with the appropriate beneficiary designation form.
Investment Accounts - you can instruct your investment company to transfer to The Cooper Union some or all investments held in the 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 The Cooper Union for the Advancement of Science and Art” after your name on the account.