Beneficiary Designation

Did you know that you can give the balance of your retirement plan to The University of Alabama? In fact, the plan may be worth more to UA as a charitable donation than to your heirs who might be responsible for paying taxes on it. With careful retirement planning, you might benefit from tax savings now as well as in the future. You can make charitable donations to UA and still maintain a healthy financial outlook for yourself and your family.

Many friends of The University of Alabama have bank accounts or CDs that they have designated to go to the University at the end of their life. The process can be as simple as adding a “pay on death”(P.O.D.) or a “transfer on death” (T.O.D.) provision. Ask your financial advisor or bank manager for the appropriate forms. You retain control of the funds during your lifetime and the University receives what is left in the account when you designate.

For answers to frequently asked questions about naming UA as beneficiary of a retirement plan, click here.

Do you have a life insurance policy you no longer need? Make a gift today of that policy and the cash value can be immediately put to use funding UA programs you specify.  In addition, an income tax deduction may be available to you depending on the policy’s value or the premiums you paid.

You can also name The University of Alabama as the primary beneficiary of all or a portion of an insurance policy’s benefits. Or you can name the University as a contingent beneficiary to inherit if another heir is no longer around to collect his or her inheritance.

A gift of a life insurance policy may provide an opportunity to donate a larger gift than you thought possible.

For answers to frequently asked questions about making a gift to UA of a life insurance policy, click here.

Contact us and we will be glad to provide additional information on this subject with no obligation on your part.

By including The University of Alabama in your will or other estate plan, you qualify for membership in the Denny Society.  Click here for more information.