Beneficiary Designations

Photo of hands on laptop keyboardIn recent years it has become common for gifts to the University of Maine Foundation after a donor’s death to be made via beneficiary designation.

One of the easiest ways to include the University of Maine in your legacy is through a beneficiary designation.  You can help support the future of the University of Maine by designating the University of Maine Foundation as your primary or contingent beneficiary to receive any portion of assets such as: a bank account, investment fund, a donor-advised fund or retirement account; life insurance policies; and other financial instruments.

Some donors prefer to make gifts to the University of Maine Foundation that do not take effect until their deaths because they are concerned that they might need the assets to pay for unforeseen expenses later in life.  Beneficiary designations are flexible and can be changed at any time if you need to make adjustments to meet changed circumstances.

Even though the Foundation staff always recommends that donors consult with their advisers before making a planned gift, donors do not need an attorney to complete a designated beneficiary form or to change it at some later time. This simplicity and lack of cost appeals to many donors.

Suggested Beneficiary Language:  To include a gift of support for the University of Maine through a beneficiary designation, please include the following information:

UNIVERSITY OF MAINE FOUNDATION, Two Alumni Place, Orono, ME  04469 to be added to [or to create] the _________________Fund.

The University of Maine Foundation’s Tax Identification Number is 01-6011501.

If you are asked to identify a contact at the Foundation, please list Sarah McPartland-Good, Esq., General Counsel, University of Maine Foundation, Two Alumni Place, Orono, ME  04469, 207-581-5100.

Charles F. Allen Legacy Society

We would be delighted to welcome you into the Charles F. Allen Legacy Society if you designate the University of Maine or the University of Maine Foundation as a beneficiary to one or more of your accounts.

Retirement Accounts

In addition to possibilities for tax-advantaged lifetime giving through individual retirement accounts [link to IRA QCDs], making charitable gifts through beneficiary designations in retirement plans can also provide tremendous tax savings.

Millions of Americans take advantage of retirement opportunities such as IRAs, 401(K)s or other qualified plans. These plans allow people to delay payment of taxes on money they save for future use. The retirement funds then grow income tax free until the time of withdrawal by the owner of the funds.  Charitable giving with retirement assets as part of your estate planning can provide significant tax advantages.

Changing your beneficiary form to include the University of Maine Foundation can also be very simple. Indeed, it can often be done on-nline.

We urge you to reach out to one of our professional planned giving officers so that we can be sure that your gift is used the way that you intend. If you prefer, we are happy to speak with your accountant, financial planner, or attorney.

We may be reached Monday-Friday between the hours of 8 am and 5 pm by calling 1.800.982.8503 or via email.

Sarah McPartland-Good, General Counsel
Email: sarahm@maine.edu
Phone: 207.581.5100 (Orono)

Karen Kemble, Planned Giving Officer
Email: karen.kemble@maine.edu
Phone: 207.581.5116 (Orono)

Dan Willett, Associate Director of Planned Giving
Email: dwillett@maine.edu
Phone: 207.253.5172 (Falmouth)

Dee Gardner, Planned Giving Officer and Coordinator of Reunion Giving
Email: dgardner@maine.edu
Phone: 207.253.5195 (Falmouth)

Life Insurance

Life Insurance policies can also be used to make a gift to support the University of Maine. Complete and return to the insurance company a form designating that the University of Maine Foundation receives all or a portion of the death benefit associated with your life insurance policy.

Changing your beneficiary form to include the University of Maine Foundation can also be very simple. Indeed, it can often be done on-line. Follow the link below for more information about how to name the University of Maine Foundation as a beneficiary to your life insurance and other ways to use life insurance to make a gift to support the University of Maine:

Donor-Advised Funds

If you have a donor-advised fund, you may wish to put in place a plan for how that fund should be used after your lifetime. One underutilized aspect of a donor-advised fund is the opportunity to designated a succession plan to direct how your fund will be used after your death or inability to advise. Typically, if you have not identified a succession plan, your donor-advised fund will become part of the charity that holds your fund (for example, Schwab Charitable, Fidelity Charitable, etc.) and grants will be made in accordance with its charitable goals (not yours).  

One possible succession plan is to recommend one or more charitable beneficiaries to receive grants from your fund once you are no longer able to make recommendations. If you have not already named a charitable beneficiary, we invite you to consider naming the University of Maine Foundation in this capacity. You can specify a particular fund held here at the Foundation as well. 

To add a charitable beneficiary, simply contact the public charity that holds your charitable account to request this change. They may require our tax identification number which is 01-6011501.

Other Assets/Accounts

Bank Accounts

You can instruct your bank to pay the University of Maine Foundation all or a portion of what remains in a checking or savings account upon your death. Your bank can provide you with the appropriate form – often known as a payable-on-death form.

Investment Accounts

You can instruct your investment company to transfer, at the time of your passing, some or all investments held in your account(s) to the University of Maine Foundation. Your broker or agent can let you know the process for putting transfer-on-death instructions on your investment account(s).

Commercial Annuity Contracts 

Commercial annuities sometimes have a remaining value at the end of the annuitant’s lifetime. You can designate the University of Maine Foundation to receive all or part of this amount by identifying it as a beneficiary on the appropriate form from the annuity/insurance company.

We urge you to reach out to one of our professional planned giving officers so that we can be sure that your gift is used the way that you intend. If you prefer, we are happy to speak with your accountant, financial planner, or attorney.

We may be reached Monday-Friday between the hours of 8 am and 5 pm by calling 1.800.982.8503 or via email.

Sarah McPartland-Good, General Counsel
Email: sarahm@maine.edu
Phone: 207.581.5100 (Orono)

Karen Kemble, Planned Giving Officer
Email: karen.kemble@maine.edu
Phone: 207.581.5116 (Orono)

Dan Willett, Associate Director of Planned Giving
Email: dwillett@maine.edu
Phone: 207.253.5172 (Falmouth)

Dee Gardner, Planned Giving Officer and Coordinator of Reunion Giving
Email: dgardner@maine.edu
Phone: 207.253.5195 (Falmouth)

Sharing

Questions?

For more information about how to make a gift to the University of Maine Foundation, contact us:

Phone: 207.581.5100
Email:
umainefoundation@maine.edu

Legal Language

Should you include the University of Maine in your estate plans, please use the legal name (University of Maine Foundation), the legal address (Buchanan Alumni House, Two Alumni Place, Orono, ME 04469-5792), and the Federal Tax ID number: 01-6011501.