Did you know that retirement plans, IRAs, life insurance and donor-advised funds are not affected by a will?
These accounts are disbursed according to beneficiary designations. The forms are often easier to update than a will, making them simple ways to leave a legacy.
Retirement Plan or IRA
This is often the largest source of taxable income when paid to a beneficiary. If you are considering a gift, it is usually more beneficial to leave taxable assets like retirement plans to Mohawk Hudson Humane Society and give other assets like stocks or real estate to family members or friends.
A gift of life insurance is a good way to maximize your impact. By naming Mohawk Hudson Humane Society as beneficiary, your small premium payments transform into a sizable gift. Plus, it is revocable at any time if your plans change.
Donor Advised Funds
A donor advised fund (DAF) gives you flexibility to recommend how much and how often money is granted to Mohawk Hudson Humane Society and other charities. You may transfer cash or other assets to a community foundation, brokerage house or other sponsoring organization, and in return, you qualify for an income tax charitable deduction for gifts to your DAF.
Designating Mohawk Hudson Humane Society the beneficiary of your retirement plan assets, IRA, or life insurance is easy:
- Contact the institution that controls the asset for a change-of-beneficiary form. Many have the forms on their website available for download.
- Decide what amount of the account value you would like Mohawk Hudson Humane Society to receive, between 1 and 100 percent.
- Name Mohawk Hudson Humane Society as the beneficiary.
- Return or submit the form as directed by the institution.
- Notify all the beneficiaries, including Mohawk Hudson Humane Society, so they may claim the proceeds at the appropriate time.
Legal name: Mohawk Hudson Humane Society
Legal address: 3 Oakland Ave, Menands NY 12204
Federal tax ID number: 14-1338459
Experts recommend reviewing your beneficiary designations every 2 to 3 years to keep them up to date with your plans and needs.
The information here is not intended to be legal or tax advice. Please consult your financial advisor and/or attorney when setting up a donor advised fund and designating beneficiaries of your retirement, IRA and life insurance policies.