Creating your legacy can be as simple as signing forms. Naming Children’s as a beneficiary of retirement accounts, life insurance policies or financial accounts is a simple way to make a meaningful contribution. After your lifetime, these accounts pass to beneficiaries without going through probate.
Using charitable beneficiary designations can offer both income and estate tax advantages, helping you support Children’s while preserving your other assets for loved ones.
Bank or brokerage accounts
Payable-on-Death (POD) accounts allow you to name Children’s as a beneficiary of your bank or credit union savings account, checking account or CD. A similar arrangement called a Transfer-on-Death (TOD) account allows you to name Children’s as a beneficiary of your stocks, bonds and mutual funds.
Retirement plan
Include Children’s as a beneficiary of your retirement plan, such as a traditional IRA or 401(k) account by updating the beneficiary designation form, which can be obtained from the plan administrator. Leaving these assets to a charitable beneficiary may reduce income and estate taxes for your loved ones.
Life insurance policy
You can name Children’s as a beneficiary of your life insurance policy or employer-provided life insurance policy. Simply submit an updated beneficiary designation form, which can be obtained from your life insurance company or your employer.