A Smart Gift to Leave to the University of Alabama at Birmingham
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, the University of Alabama at Birmingham can receive your commercial annuity completely tax-free. The best way to give a commercial annuity in support of our work after your lifetime is to name us as beneficiary.
Making this gift is as simple as updating your beneficiary form with your bank or insurance company. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn’t survive you.
- Contact the Office of Planned Giving at (205) 996-7533 or firstname.lastname@example.org for additional information on commercial annuities.
- Seek the advice of your financial or legal advisor.
- If you include UAB in your plans, please use our legal name and federal tax ID.
Legal Name: The Board of Trustees of The University of Alabama for The University of Alabama at Birmingham
Address: 1720 2nd Avenue South, AB 1270, Birmingham, AL 35294-0112
Federal Tax ID Number: UAB Tax I.D. Number: 63-6005396 UABEF Tax I.D. Number: 63-6155094
QUESTIONS? I CAN HELP.
Kimberley S. Coppock, J.D.
Sr. Director of Development
Office of Planned Giving
Information contained herein was accurate at the time of posting. 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. California residents: 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. Oklahoma residents: 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. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.