Beneficiary designations are one of the simplest and most flexible ways to make a gift. As you think about ways to arrange your charitable legacies, keep in mind the following reasons why this gift type is so popular and might be a smart way for you to give:
- You can make the gift without having to revise your will or living trust.
- It is easy to modify the beneficiary forms to adapt to changing intentions and circumstances.
- Arranging such a gift is simple and generally entails little or no expense.
- When a charity is a beneficiary of retirement funds, those funds will not be subject to income tax.
- You may save estate taxes, depending on the size of your estate.
- The gift becomes available to the charity with little delay.
How to Make a Gift by Beneficiary Designation
It's simple! You ask your policy administrator for a change-of-beneficiary form, or you can often find this form on your provider's website, and then name The Community Foundation for Greater New Haven as a beneficiary of any of the financial instruments below.
Types of Beneficiary Designations
- IRA and Qualified Retirement-Plan Distributions
- Donor-Advised Fund
- Insurance Products
- Bank Accounts
- Brokerage Accounts
- Request a change-of-beneficiary form from the administrator of your retirement plan, insurance policy, or bank account or download a form from your provider's website.
- Designate what percentage you would like The Community Foundation for Greater New Haven to receive and name us and indicate the percentage you chose on the beneficiary form.
- Return the completed form to your provider.
- Contact us to let us know your goals for the gift so we can thank you for your generosity and ensure your gift is used as you intend.
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