Life Insurance and Retirement Accounts

Life insurance policies and retirement plan assets are often overlooked as means of charitable support. They are simple for donors to give to Stevens. Naming a charitable organization a beneficiary of an IRA, 401(k) or other retirement plan also provides tax advantages to an estate, as well.

Life Insurance

You transfer ownership of a paid-up life insurance policy to Stevens. Stevens cashes the policy now, or maintains it and receives the death benefit later.

YOUR BENEFITS

  • You make a gift using an asset that you and your family no longer require
  • You receive an immediate income tax deduction for the cash surrender value of the policy
  • You gain the satisfaction of having made a significant gift to Stevens without adversely affecting cash flow
  • You receive an invitation to join the exclusive Legacy Society

Retirement Plan Assets

You name Stevens as the beneficiary of all or a portion of your IRA, 401(k) or other qualified plan. After your lifetime, the plan’s remaining assets pass to Stevens tax-free.

YOUR BENEFITS

  • You avoid both income and estate taxes normally levied on income remaining in your retirement account
  • You donate the most highly taxed asset in your estate to Stevens, while retaining more favorably taxed property for your heirs
  • You continue to make withdrawals from the plan during your lifetime
  • You may change the beneficiary if your circumstances change
  • You receive an invitation to join the exclusive Legacy Society

Contact Information

For answers to your estate and gift planning questions, please contact Michael Governor, Director of Planned Giving, at (201) 216-8967 or michael.governor@stevens.edu.

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