How it Works

 All of these plans ask you to name one or more beneficiaries in the event you die before the funds are used up. Traditionally you name your spouse and then perhaps other family members, You may also name a charity as a beneficiary and that has special advantages to your estate.

 It may come as a surprise to you- your retirement plan can be included in your estate for estate taxes in some circumstances. Also when other beneficiaries draw cash  from your retirement plans, they are taxed at their income tax rate. Gifts to charity through your retirement plans are tax-tree and they reduce the size of your estate!

 If you chose to include a charity, call the agent or agency handling the plan and request a new Beneficiary Form. Complete it to your satisfaction. In some cases your spouse is asked to sign it also. Return it to the agent, asking the agent to be sure the form conforms to all rules and laws. That’s all there is to do it. There are no legal fees.

What to Do

 Request from the provider of your retirement plan, I.R.A., or 401k a Change of Beneficiary form. Complete it, having your spouse also sign if required, (not as owner of the plan), and return it. That’s all.

Benefits to You

 You can easily plan for a future gift to a charity.
 You can give a dollar amount or a percentage of the retirement plan.
 You do not have to change your will.
 You can potentially reduce taxes.
 You can change your mind later, if you wish, without a lot of problems.