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Beneficiary designation

3 steps to making a beneficiary gift

Did you know that some assets are not controlled by the terms of you will but instead must be passed by a beneficiary designation? The beneficiaries named on a retirement plan or life insurance policy determine who will receive these funds, even if they are designated differently in your will.

Did you also know that pre-tax accounts such as traditional IRAs may be subject to multiple taxes if left to your heirs or estate? For many people, the most tax advantaged way they can make a gift to VCU through their estate is to name it as a beneficiary of their retirement plan, and to leave other less-taxed assets to their family.

It’s easy as 1, 2, 3!

  • 1. Request a "change of beneficiary" form from your plan administrator.
  • 2. List the appropriate VCU affiliated foundation as beneficiary at the following address:
    • Virginia Commonwealth University
    • Gifts and Records Management
    • Box 843042
    • Richmond, VA, 23284-3042
    • Provide the EIN # for the appropriate VCU affiliated foundation
  • 3. Let us know so we can thank you and welcome you to a legacy society.
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© Planned Giving Marketing. This document is informational and educational in nature. It is not offering professional tax, legal, or accounting advice. For specific advice about the effect of any planning concept on your tax or financial situation or with your estate, please consult a qualified professional adviser.

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Last updated: 8/10/2022 8:42 PM

Copyright © Virginia Commonwealth University and Planned Giving Marketing.

This site is informational and educational in nature. It is not offering professional tax, legal, or accounting advice. For specific advice about the effect of any planning concept on your tax or financial situation or with your estate, please consult a qualified professional adviser.

*Affiliated foundations

VCU Foundation (tax ID # 54-0757884) for gifts that support VCU generally and most colleges, schools, departments and units on VCU’s Monroe Park Campus: VCU Athletics, College of Humanities and Sciences, Division of Student Affairs, Honors College, Institute for Contemporary Art, L. Douglas Wilder School of Government and Public Affairs, Richard T. Robertson School of Media and Culture, School of the Arts, School of Education, School of Social Work, School of World Studies, VCU Libraries and VCU Life Sciences.

VCU School of Business Foundation (tax ID #20-2661802) for gifts that support the VCU School of Business and Brandcenter.

VCU College of Engineering Foundation (tax ID #54-1808901) for gifts that support the VCU College of Engineering.

MCV Foundation (tax ID #54- 6053660) for gifts that support the college, schools, departments and units on VCU’s health sciences campus: College of Health Professions, School of Dentistry, School of Medicine, School of Nursing, School of Pharmacy, Massey Cancer Center and VCU Health.