Beneficiary Designation Gifts
A beneficiary designation gift is a simple and affordable way to make a gift to support Legacy Deo. You can designate us as a beneficiary of a retirement, investment, or bank account or your life insurance policy.
Benefits of a beneficiary designation gift
- Support the causes that you care about
- Continue to use your account as long as you have need
- Simplify your planning and avoid expensive legal fees
- Reduce the burden of taxes on your family
- Receive an estate tax charitable deduction
How a beneficiary designation gift works
- Contact the person who helps you with your account or insurance policy, such as your broker, banker, or insurance agent.
- Ask them to send you a new beneficiary designation form.
- Complete the form, sign it, and mail it back to your broker, banker, or agent.
- When you pass away, your account or insurance policy will be paid or transferred to Legacy Deo as specified in your the beneficiary designation.
Important considerations for your future
If you are interested in making a gift but are also concerned about your future needs, keep in mind that beneficiary designation gifts are among the most flexible of all charitable gifts. Even after you complete the beneficiary designation form, you can continue to take distributions or withdrawals from your retirement, investment, or bank account as before. You can change your beneficiary designation at any time in the future and for any reason, such as if a loved one suddenly needs your financial help.
If you have any questions about leaving us a beneficiary designation gift, please contact us. We are happy to assist you.
If you have already designated us as a beneficiary of an asset or as part of your estate plan, please let us know. We would like to recognize you and your family for your gift.
FlexibilityMost beneficiary designation forms are very flexible. You can name Legacy Deo as a full or partial beneficiary of your account or life insurance policy. You can also name Legacy Deo as a primary" or contingent beneficiary.
Family ConsiderationsBeneficiary designation gifts allow you to provide for family and support the causes that matter most to you. With a designation form you could, for example, name your spouse as the primary beneficiary and each of your children and Legacy Deo as partial contingent beneficiaries. With this arrangement, if your spouse survives you, he or she would receive the account. If not, the account or policy would be paid out to your children and Legacy Deo in whatever shares (or percentages) that you chose on the designation form.
TerminologyCommon terminology may also include payable on death ("POD") or transfer on death ("TOD"). The term beneficiary designation is most commonly used when naming beneficiaries of retirement plans or life insurance policies. The term POD arises when designating the beneficiary of a checking account, savings account, or certificate of deposit. TOD is often encountered when the beneficiary designation involves stocks, bonds, or mutual funds.
To download a brochure and learn more about beneficiary designation gifts, click here.
To download a brochure and learn more about TOD gifts, click here.
To download a brochure and learn more about POD gifts, click here.
Beneficiary Designations and Real EstateSome states allow beneficiary designation deeds or transfer on death deeds, which allow you to name Legacy Deo as the survivor beneficiary of your home, farm, or other real estate. As with other beneficiary designation gifts, these are likewise revocable by filing a revocation or new beneficiary designation deed.