Some KCU supporters 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 KCU 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 us to receive and name us, using the legal name, Kansas City University of Medicine and Biosciences, along with the percentage you chose on the beneficiary form.
- Return the completed form to your plan administrator, insurance company, bank or financial institution.
Scenario: Dr. Carol and Robert Wells
Dr. Carol Wells and her husband Robert treasure the financial help they've been able to give their children and KCU over the years. Now that their kids are grown, Dr. Wells and Robert changed their estate plan so it could work harder for the people and causes they love. The couple updated their will to leave stocks and real estate to their kids. And they left us a $100,000 IRA to be transferred after their death. Because KCU is tax-exempt, all $100,000 will help support our mission.
If Dr. Wells and Robert had left the IRA to their children, approximately $28,000* would have gone to pay federal income taxes-leaving only $72,000 for their family's use. Dr. Wells and Robert 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 28-percent marginal income tax bracket.