Gift Planning at The University of Texas at Austin
Not everyone wants to commit to making a gift in their wills or estates. Some prefer the increased flexibility that a beneficiary designation provides by using:
- IRAs and retirement plans
- Life insurance policies
- Commercial annuities
It only takes three simple steps to make this type of gift. Here's how to name The University of Texas at Austin as a beneficiary:
- Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form.
- Decide what percentage (1 to 100) you would like The University of Texas at Austin to receive and name the University, along with the percentage you chose, on the beneficiary form.
- Return the completed form to your plan administrator, insurance company, bank or financial institution.
An Example of How It Works
Robert and Carol treasure the financial help they've been able to give their children and the University over the years. The couple recently updated their will to leave stocks and real estate to their kids. They left the University a $75,000 IRA to be transferred following their lifetime. Because the University is tax-exempt, all $75,000 will help support future Longhorns.
If Robert and Carol had left the IRA to their children, approximately $18,000* would have gone to pay federal income taxes — leaving only $57,000 for their family's use. Robert and Carol are happy knowing they are making the most of their hard-earned money thanks to their updated estate plan.
*Based on an assumption of a 24 percent marginal income tax bracket.
Calculate Your Benefits
- Contact the Gift and Estate Planning Team at 512-475-9632 or GEPteam@austin.utexas.edu for additional information on beneficiary designations and how they can help support the University with our mission.
- Talk to your financial or legal advisor to learn which assets will or will not trigger taxable income when paid to a beneficiary.
- If you name the University in your plans, please use our legal name and federal tax ID.
Legal Name: Board of Regents of The University of Texas System for the benefit of The University of Texas at Austin
Address: P.O. Box 7458 Austin, TX 78713
Federal Tax ID Number: 30-0710145