- Contact your plan administrator, policy agent, bank or financial institution to obtain a beneficiary form.
- Complete the form listing UCU Foundation as a beneficiary along with the percentage you choose to give.
- Return the completed form to your plan administrator, insurance company, or financial institution.
A legacy gift of your IRA, 401(k), 403b or other retirement plan to Ukrainian Catholic University Foundation (UCU Foundation) is a smart way to support the work of UCU. Inherited assets of retirement plans are subject to both estate and income taxes if you leave them to anyone other than your spouse. Consider leaving your children or other loved ones less heavily taxed assets and instead naming UCU Foundation the primary beneficiary for a percentage or specific amount of your retirement plan. As a tax-exempt organization, UCU Foundation will receive 100% of the plan’s value to benefit UCU.
Please contact your plan administrator to obtain and complete a beneficiary form.
A gift of life insurance can make a substantial impact for UCU at relatively small cost to you. As with a retirement plan, you can name UCU Foundation as a charitable beneficiary of your life insurance.
There are different ways to make this gift:
- You can name UCU Foundation a beneficiary of your existing policy if you no longer need it to support you, your spouse, or family. This way, UCU Foundation will receive the policy’s death benefit and the value of the policy will be excluded from your estate for federal estate tax purposes.
- You can make UCU Foundation the owner and beneficiary of an existing life policy. This way you will not only provide a future legacy gift for UCU Foundation but will receive current federal income-tax deduction and the value of your life policy will be removed from your estate for federal estate tax purposes. Though most states allow a charity to be the owner and/or beneficiary of a donor’s life insurance policy, please consult with a professional advisor about the laws of your state.
You can name UCU Foundation a beneficiary of your investment account. Please contact your account manager to establish a transfer on death (TOD) registration for your account and mail us a copy of the document.
Designation of bank account
As with a retirement plan or life insurance policy, you can make UCU Foundation a beneficiary of your savings or checking account. The beneficiaries have no rights to the funds until after your lifetime. Please contact your bank representative to update your beneficiary form. You will need Ukrainian Catholic University Foundation’s legal name, address, and tax ID to complete the form.
Charitable reminder trust
A charitable remainder trust (CRT) is an irrevocable trust that generates a potential income stream for you or your loved ones, with the remainder of the donated assets going to your favorite charity or charities.
If you have established a charitable reminder trust with another foundation or institution, you can name UCU Foundation among beneficiaries of the trust remainder value to benefit UCU.