How to Donate an Annuity
- 1). Pick your primary reason for donating an annuity to a charity. If you want immediate tax relief (or asset reduction) while still getting lifetime income, you need to change the owner. To give the annuity to a charity after you die, you need to change your beneficiary designations.
- 2). Call your annuity company and ask for the appropriate paperwork: a "change of owner form" or a "beneficiary change form."
- 3). Obtain the charity's legal name, tax identification number (TIN), phone number and legal address. This is needed for a proper change and used for identification purposes when claiming death benefits. The Internal Revenue Service (IRS) also needs this information for tax purposes.
- 4). Complete and submit the required form. An ownership change maintains the same annuitant and beneficiary, with the charity listed in the "New Owner Section" section listing the charity's TIN, address and phone number. A beneficiary change maintains the same owner and annuitant, listing the charity as the new beneficiary with its address and phone number.
- 5). Provide the charity with a copy of the annuity policy and the changes made. Obtain a receipt for an ownership change.
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