Commercial Annuities

A Smart Gift to Leave to Step Up For Students

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, Step Up For Students 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 a beneficiary.

Upon withdrawal, a distribution from a commercial annuity will be subject to federal income tax and applicable state income tax. By naming us as a beneficiary, Step Up For Students can receive your commercial annuity completely tax-free and any assets contributed to Step Up in this manner will result in a charitable deduction and help reduce any estate tax your estate might incur.

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.

Next Steps

  1. Contact Elizabeth L. Watson at (407) 491-7429 or ewatson@stepupforstudents.org for additional information on commercial annuities.
  2. Seek the advice of your financial or legal advisor.
  3. If you include 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