Planned Giving

Commercial Annuities

Banks and life insurance companies typically sell commercial annuities. They provide the owner with fixed or variable income based on commercial rates of return. Because commercial annuities are subject to income and estate taxes, they are often considered among the best assets to leave to charity. The best way to give a commercial annuity in support of our work after your lifetime is to name us as beneficiary.

Upon withdrawal, even after death, a distribution from a commercial annuity will be subject to federal income tax and applicable state income tax. By naming us as beneficiary, Saint Mary's College of California can receive your commercial annuity completely tax-free and any assets contributed to Saint Mary's 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.

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Next Steps

  1. Contact Douglas D. Hansen at (925) 631-4218 or ddh3@stmarys-ca.edu for additional information on commercial annuities.
  2. Seek the advice of your financial or legal advisor.
  3. If you include Saint Mary's in your plans, please use our legal name and federal tax ID.

Legal Name: Saint Mary's College of California
Address: 1928 Saint Mary's Road, Moraga, CA 94575
Federal Tax ID Number: 94-1156599