You can also use a life insurance policy to make a gift to the College. It’s usually as simple as completing a form with the insurance company designating Elizabethtown College as the beneficiary of all or a portion of the death benefit of your life insurance policy. As an alternative to naming the College as the beneficiary, you can transfer ownership of the policy. Transferring ownership can produce an immediate income tax charitable deduction for the value of the policy and future income tax deductions if you continue to pay premiums on the policy.
Commercial Annuity Contracts: a commercial annuity will sometimes have a remaining value at the end of the annuitant’s lifetime. You can name the College to receive all or part of this amount by designating us as a beneficiary (sole or partial) on the appropriate form from the insurance company.
Bank Accounts: you can instruct your bank to pay the College all or a portion of what remains in a checking or savings account. Your bank can provide you with the appropriate beneficiary designation form.
Investment Accounts: you can instruct your investment company to transfer to the College some or all investments held in the account at the time of your passing. Your broker or agent can help you complete the process, which may be as simple as amending the name on the account to include Elizabethtown College.