Like retirement plan assets, commercial annuities provide for tax-deferred growth while the owner is living. Because distributions from commercial annuities are subject to income taxes, they are often considered among the best assets to leave to charity. Due to our tax-exempt status, Northwestern can receive your commercial annuity completely tax-free when you name the University as beneficiary.
Making this gift is as simple as updating your beneficiary form with your bank or insurance company. You can designate Northwestern as the primary beneficiary for a percentage or specific amount. You can also make Northwestern the contingent beneficiary so that the University will receive the balance of your policy only if your primary beneficiary doesn’t survive you.
- Contact Northwestern Gift Planning at 800-826-6709 or firstname.lastname@example.org for additional information on commercial annuities.
- Seek the advice of your financial or legal advisor.
- If you include Northwestern in your plans, please use Northwestern's legal name and federal tax ID number.
Legal Name: Northwestern University
Address: 633 Clark Street, Evanston, Illinois 60208
Federal Tax ID Number: 36-2167817
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.
Northwestern does not offer charitable gift annuities in all states, so please contact us to determine eligibility.