Should you desire, you can make the Acton Institute a beneficiary of your life insurance policies, and CDs, as well as your checking, savings, and retirement accounts.
Transfers using beneficiary designations prevent the assets from going through probate because the transfers happen outside of the will. This saves time and money.
Should you desire, you can make the Acton Institute a beneficiary of your life insurance policies, CDs, checking, savings, and retirement accounts.
Life Insurance
If you carry more coverage than is necessary for your estate and/or your family, making the Acton Institute a beneficiary is an attractive gift option. You could also purchase a new policy and name the Acton Institute as the owner and beneficiary. In both cases, there are tax benefits for your contribution, but designating the Acton Institute as owner provides you with additional benefits.
Retirement Plan
Your 401(k), IRA, Keough, and other retirement accounts may present another avenue for charitable contribution. Similar to insurance, you can name the Acton Institute as a beneficiary of your retirement account.
Whatever remains in these accounts is subject to estate tax, and when you name a non-spouse beneficiary there are additional tax burdens. An alternative is naming the Acton Institute as a beneficiary. If you do, the money will transfer tax free.
CDs, Checking, and Savings Accounts
Banks and other organizations allow you to set up these accounts with “Payable on Death” or “Transfer on Death” designations to a beneficiary of your choosing.