Estate and Gift Planning
- Making a gift in your will
- Gifts of Assets
- IRA Rollover
- Beneficiary Designations
- Life Insurance
- Retirement Plans
- Bank Accounts
A beneficiary designation formally describes how certain assets will be distributed after your death. Retirement plans, life insurance policies, and annuities all require that you name the person, or persons that you wish to benefit from these assets after your lifetime. You can even name a primary or secondary beneficiary on brokerage or bank accounts and avoid the potential costs of probate and estate tax obligations for your heirs.
- Beneficiary designations generally become active immediately after death and override any information regarding inherited assets provided in your will. Therefore, they are not subject to probate.
- Beneficiary designations can be easily changed if you should change your mind regarding who you wish to benefit from your assets after your death.
- You can assign a primary beneficiary and secondary beneficiaries so that your family is taken care of first and charity second. You can even designate multiple beneficiaries to receive a certain percentage of your assets.
- If you name The Communities of Don Guanella and Divine Providence the irrevocable owner of a life insurance policy, you may be able to deduct the premiums as a charitable contribution.
- Retirement plans like a 401k and some IRAs left to family members are subject to income tax. Designating a charity as your beneficiary means that the percent of the money disbursed to charity after your death will not be taxed.
- Transfer on Death (TOD), or Payable on Death (POD) provisions allow your assets, such as broker accounts or bank accounts, to be transferred directly to a charity after your death, bypassing the delays and costs associated with probate. They allow you to fully benefit from your assets during your lifetime, and then qualify as a charitable deduction against any estate taxes that might be due.
- You will be enrolled in the St. Luigi Guanella Legacy Society and remembered in the prayers and Masses offered for all our benefactors.
How to do it:
- Naming or changing beneficiaries requires your signature on the appropriate form. Contact your financial adviser, insurance broker, benefits manager, or bank for the necessary form and specific instructions.
- Transfer on Death, or Payable on Death arrangements can be made at your financial institution by filling out their required form.
To make your gift, you will need to provide the following information that identifies The Communities of Don Guanella and Divine Providence as registered charities.
Our Tax ID numbers (EIN) are:
- Don Guanella Village: 23-1596874
- Divine Providence Village: 23-2313873