A “beneficiary designation” is one of the simplest ways to make a legacy gift to TMF. It is usually as easy as filling out a form directing that the account is to be distributed to TMF at the end of your lifetime. And a beneficiary designation can be quite flexible. You can name TMF as the sole beneficiary of your account or as one of several beneficiaries. For example, you can use some of your assets to make a legacy gift to TMF and use the rest to provide for family members or other loved ones.
There are many benefits of making a legacy gift through a beneficiary designation:
- Flexibility: Your accounts remain under your control should you need them.
- Easy to arrange: A beneficiary designation does not require a change to your Will.
- Revocable: You can change your beneficiary designation without having to amend or rewrite your Will.
- Tax incentives: Funds passing via beneficiary designation to TMF are not subject to income or estate tax. This means 100% of your gift can be used to support the important work of TMF.
- Family-friendly: You can name family or others to receive some of the asset value, with TMF receiving the remaining portion.
- Support an important cause you care about: Your gift to TMF helps us to seek and discover ways in which we can fulfill the world of God’s imagination.
You should consult with your professional advisors as to how naming TMF as a beneficiary of some or all of your accounts will impact your overall estate plan. Your bank, insurance agent, or investment advisor can provide you with the appropriate beneficiary designation form. Some financial institutions will allow you to designate beneficiaries through their website.