Beneficiary Designations

Make a Gift in 3 Easy Steps

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Download our FREE guide Beneficiary Designations: The 3 Easiest Ways to Leave Your Legacy.

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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: 

  • IRAs and retirement plans
  • Life insurance policies
  • Commercial annuities

It only takes three simple steps to make a beneficiary designation. Here's how to name Step Up For Students as a beneficiary:

  1. Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form.
  2. 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.
  3. Return the completed form to your plan administrator, insurance company, bank or financial institution.

An Example of How It Works

Older couple smiling A couple treasures the financial help they've been able to give their children and charities like Step Up over the years. The couple recently updated their will to leave stocks and real estate to their kids. And they decided to leave charities a $75,000 IRA to be transferred following their lifetime. Since nonprofits are tax-exempt, all $75,000 will help support the nonprofits' missions.

If the couple 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. The couple is 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.

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Next Steps

  1. Contact Elizabeth L. Watson at (407) 491-7429 or ewatson@stepupforstudents.org for additional information on beneficiary designations and how they can help support Step Up with our mission.
  2. Talk to your financial or legal advisor to learn which assets will or will not trigger taxable income when paid to a beneficiary.
  3. If you name Step Up in your plans, please use our legal name and federal tax ID (59-3649371).

Legal Name: Step Up For Students
Address: 4655 Salisbury Road, Suite 400, Jacksonville, FL 32256
Federal Tax ID Number: 59-3649371