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Beneficiary Designations from Retirement Plans and Life Insurance

Life Insurance
A donor can designate one or more charities as beneficiaries of all or part of one or more life insurance plans. Distributions are generally not subject to income tax, and a beneficiary designation of a life insurance plan to a charity may give the donor greater tax advantages.

IRA
The Pension Protection Act of 2006 provides a new way for making a tax-effective gift. The law allows individuals 70 ½ or older to makes gifts to qualified charities using funds transferred directly from an IRA. Currently this option is limited to gifts made by December 31, 2007.

Retirement Assets
You may designate a charity as the beneficiary of your retirement plan, such as a 401 (k) or 403 (b) or an IRA.

With any planned gift, it is important to contact your attorney or financial advisor ahead of time.

For more information, call us at (206) 525-5556 or email us at giving@csbps.com.