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, the Smithsonian Institution can receive your commercial annuity completely tax-free. The best way to give a commercial annuity in support of our museums and research after your lifetime is to name us as beneficiary.
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.
Contact the Office of Gift Planning at 888-419-7584 or legacy@si.edu for additional information on commercial annuities.
