Financial Accounts and Life Insurance
Financial accounts--In most states, you can transfer almost any financial account– savings, checking, CD, credit union account– to Amherst College without changing your will. (This does not apply to brokerage accounts.) You can also name Amherst as the beneficiary of a life insurance policy, but keep the lifetime ownership rights.
- Transfer ownership of an existing policy and designate The Trustees of Amherst College as the beneficiary. You generally will receive a charitable income tax deduction equal to the lesser of the policy’s value or your cost basis in the policy (usually the total amount of premiums paid).
- Retain ownership and change the beneficiary designation to The Trustees of Amherst College.
For more information about making a planned gift to Amherst, please contact the gift planning staff.
Information contained in this website should not be considered legal, accounting, or other professional advice. Individuals considering a planned gift to Amherst should consult with their financial advisor.