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Easy Estate Gifts
Estate Gifts Made Easy -
Easy Estate Gifts
A Simple Gift of Savings Generally speaking, one can pass bank account proceeds to either an individual or organization without making or changing a will. The account owner can ask the bank manager about the appropriate procedure for naming MHDF as the death beneficiary of the account. Many states allow P.O.D. (pay on death) accounts which permit the account owner to name a beneficiary of almost any financial account: savings, checking, CD, building and loan accounts, credit union savings, etc. The owner can indicate the deposit will be "payable on death" to any charitable, educational, or religious organization and still retain the right to change or revoke the designation at any time. An alternative to P.O.D. accounts is a "Totten Trust" or "self-declaration trust." These bank deposits have been designated to be "in trust for _____" (a named beneficiary). Upon the account owner's death, an "absolute" trust comes into existence and the balance on hand passes to the named beneficiary – which can be MHDF. The account manager can explain how beneficiaries may be named.
Retirement Death Benefit Gifts Naming MHDF as death beneficiary may also make good sense in regard to tax planning. Income taxes and "death taxes" that may come due at death can be wholly avoided. An individual may name MHDF as beneficiary of part or all of the account simply by requesting the appropriate form from the plan custodian. Note: Married persons must have written spousal consent to name anyone other than the spouse as death beneficiary of a qualified retirement plan. This requirement does not apply to IRAs, however.
Gifts of Life Insurance A policy owner can name MHDF as the death beneficiary and still retain lifetime ownership rights in a policy, including the right to borrow against the policy or cash it in. The individual's estate will get a charitable deduction for the proceeds passing to us. Or, if preferred, MHDF can be named as a contingent beneficiary of a life insurance policy. In this case, we would receive the proceeds only if the primary beneficiary died before the policy owner. Finally, MHDF can share insurance proceeds with others (individual or organizaitonal) as a co-beneficiary.
Revocable Gifts This type of revocable gift provides significant support if the lender makes the loan self-canceling at death. The donor’s estate would then be entitled to a charitable deduction for any amount passing to MHDF.
Easily Transfer Securities, Too For more information, please contact us.
Minnewaska Lutheran Home
The information provides is not intended as legal, tax, or investment advice. Please consult
an attorney, tax or financial planning professional for questions specific to your financial
situation. |
Basics Ways To Give What To Give Additional Info Glossary of Terms Gift Calculator Information for Professional Advisors |
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