Beneficiary designations are a flexible and straightforward way to make a gift to the Foundation. When planning ways to arrange your charitable legacy, there are several benefits to give through this process:
- You can make the gift without revising 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 it Works
Connect with your policy administrator for a change-of-beneficiary form, often found on your provider's website, name West Lafayette Parks and Recreation Foundation, Inc. as a beneficiary of the financial instrument of choice. Examples include:
- 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 Foundation to receive and name us, and indicate the rate 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 donation is used as you intend.
It is always encouraged to consult your attorney and financial advisor(s) to explore the benefit with accurate details for your situation.