Other Ways to Give
Leaving a Legacy
Many of the assets you own can be bequeathed to a charity like UPF simply by designating it as the beneficiary. While most of these assets would be taxable if passed to your heirs – they are not taxed if the beneficiary is a charitable organization. This means that 100% of the value of the asset can be used by UPF to support the work of God in Ukraine.
Life Insurance Policies
Perhaps you purchased one or more life insurance policies to provide financial security for your family, but those proceeds are no longer needed. You can designate UPF as the primary beneficiary of a life insurance policy you hold through your employer or on your own. Or you can make UPF a contingent beneficiary – which means we would only receive the proceeds if the other named beneficiaries predecease you.
Maybe you purchased an insurance annuity to provide a reliable income stream in retirement. Any balance remaining at the end of your lifetime will be passed to your beneficiary. You can designate all or a specific percentage of the annuity to UPF, with the remaining amount directed to other beneficiaries.
Qualified Retirement Plans
Your IRA, 401(k), or other qualified retirement plan assets are distributed to you through a standard formula that is designed to ensure that funds will be available for as long as you need them. There often remains a balance at the end of your lifetime. That balance, or a percentage of it, can be a meaningful charitable gift to UPF when you no longer need it. And if your circumstances change, you can always name a new beneficiary.
Many common financial accounts – checking, savings, money market, certificates of deposit and U.S. savings bonds –can be transferred to UPF when the account holder no longer needs the assets. The balances of these payable on death (POD) accounts can be passed directly to a charity outside of a Will.
To designate UPF as the beneficiary of any account balances, contact the bank where the account is held and complete the beneficiary designation form provided. You will still have full access to and use of the accounts for your lifetime. You can spend the money, change your beneficiary, or close the account.
If you own stocks, bonds or mutual funds, these can be passed to UPF when you or a co-owner no longer needs them. These transfer on death (TOD) accounts also can be passed directly to a charity outside of a Will.
To designate UPF as the beneficiary for securities, contact your broker to request the necessary forms and filing information. You will still have full control of the securities for your lifetime. You can sell them, name a different beneficiary, or close the accounts.
Sometimes, your most valuable asset may be the real estate you own. You can designate UPF to be a joint tenant with right survivorship, an ownership strategy that allows you to retain full use of the property throughout your lifetime. If you are contemplating a gift of property, you should speak with a financial planner to review and discuss your intention.
As you consider a legacy gift for UPF, you certainly want the peace of mind that comes from knowing you have provided for your family. You can do this by naming family members as the primary beneficiaries of a particular asset and a charity as the secondary or contingent beneficiary. UPF will receive the gift only if your primary beneficiaries predecease you.
If you decide to name UPF as a beneficiary, please remember to notify us of your intention. Even if you prefer no public acknowledgement, we will certainly want to privately acknowledge your generosity and thoughtfulness.
The information presented here is not intended as legal or tax advice. For legal or tax advice, please consult an attorney or financial planner.