Making a charitable gift of your financial account after your lifetime is as simple as completing a beneficiary form. Since the beneficiary form dictates the beneficiary, the asset is not controlled by your will. So there is no expensive set up or visit to your attorney or professional advisors.*
There are several types of financial accounts that are passed according to your beneficiary designations – instead of through your will. Here are some common ones:
- Bank accounts: a POD or payable on death designation transfers the bank account to the POD beneficiary. You may wish to consider designating us as a POD beneficiary of a bank account that is not needed by heirs. Through this simple gift, you can help continue our important work even after your lifetime.
- Investment or brokerage accounts: a TOD or transfer on death designation directs your financial advisor or broker to move the designated investment securities account to a new owner. We would be grateful if you considered us for such a generous gift.
- Qualified retirement plans: IRA, 401(k) and 403(b) accounts may be worth significantly more if you donate them than if you pass them to a beneficiary other than a spouse. And it can have a real impact on our mission. Roth IRAs may also be designated but do not have such significant tax savings as qualified retirement accounts.
- Life insurance policies: if your existing insurance policy is no longer needed, you might simply change your designated primary beneficiary of the existing policy to be our organization. If your loved ones still need the security of the policy, consider listing us as a contingent beneficiary.
Contact us to ask any questions or to learn more about the options and benefits.
* We hope and recommend that you will consult you're qualified professional advisors on how this gift might fit into your overall plans and your eligibility for tax benefits.
For considering a charitable gift through a beneficiary designation.