Make a Gift in 4 Easy Steps
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 such assets as IRAs and retirement plans.
It only takes four simple steps to make this type of gift. Here's how to name Wayne State University as a beneficiary:
- Contact your retirement plan administrator, bank or financial institution for a change-of-beneficiary form. Or, to expedite the change, you may go directly to your custodian's website to make the change and add Wayne State as a beneficiary.
- Decide what percentage (1 to 100) you would like us to receive and name us, along with the percentage you chose, on the beneficiary form.
- Return the completed form to your plan administrator, bank or financial institution.
- Let the Office of Planned Giving know that you have named the university as a beneficiary.
An Example of How It Works
Robert and Carol treasure the financial help they've been able to give their children and Wayne State over the years. The couple recently updated their will to leave stocks and real estate to their kids. They left Wayne State a $75,000 IRA to be transferred following their lifetime. Because Wayne State is tax-exempt, all $75,000 will help support our mission.
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.
See How It Works
Fund Your Donation With:
Not Sure How to Begin Planning?Download My FREE Personal Estate Planning Kit
Download our FREE guide Beneficiary Designations: The Easiest Way to Leave Your Legacy.View My Guide
Gifts That Pay
Your payments depend on your age at the time of the donation. If you are younger than 60, we recommend that you learn more about your options and download this FREE guide Plan for Retirement With a Deferred Gift Annuity.
- Contact the Office of Planned Giving at (313) 577-6481 or PlannedGifts@wayne.edu for additional information on beneficiary designations and how they can help support Wayne State 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 Wayne State in your plans, please use our legal name and federal tax ID.
Legal Name: Wayne State University
Address: 5475 Woodward Ave, Detroit, MI 48202
Federal Tax ID Number: 38-6028429