Make a Legacy Gift Through Retirement or Insurance Plans
Retirement accounts and life insurance policies offer meaningful opportunities to support Avila University while creating a tax-efficient legacy. For many, retirement accounts such as IRAs, 401(k)s, and 403(b)s are among their most valuable assets. Naming Avila as a beneficiary of these accounts, in full or part, allows you to minimize taxes on your estate while continuing to advance the mission of the university.
Similarly, naming Avila as a beneficiary of a life insurance policy can be a powerful way to make a significant future gift without affecting your current assets or cash flow. This option is particularly effective for policies no longer needed for their original purpose, such as providing for family members who are now secure.
Tax Benefits of Retirement Assets
If left to heirs other than a spouse, retirement accounts are subject to income taxes, which can significantly reduce their value. Since 2020, heirs must withdraw all funds from inherited retirement accounts within 10 years, increasing the potential tax burden. By designating Avila as a beneficiary, you can reduce this tax impact while ensuring your legacy supports the university’s mission.
Life Insurance — A Flexible Giving Option
- Name Avila as a Beneficiary:
Designate Avila University as a full or partial beneficiary of an existing life insurance policy, providing future support without impacting your current financial situation. - Establish a New Policy:
Create a new life insurance policy with Avila as the beneficiary, allowing you to make a significant future gift through manageable premium payments.
Notify Us of Your Gift
If you plan to make a gift through retirement or life insurance assets, please let us know how you’d like the funds to be allocated. Sponsoring organizations may not always share this information, and your notification ensures we honor your intentions.
For personalized guidance, consult your financial advisor to explore the option that best aligns with your goals and values while making a lasting difference at Avila University.