A beneficiary designation gift is a simple and affordable way to make a gift to support Lanakila Pacific Foundation. You can designate us as a beneficiary of a retirement, investment or bank account or your life insurance policy.
If you are interested in making a gift but are also concerned about your future needs, keep in mind that beneficiary designation gifts are among the most flexible of all charitable gifts. Even after you complete the beneficiary designation form, you can take distributions or withdrawals from your retirement, investment or bank account and continue to freely use your account. You can also change your mind at any time in the future for any reason, including if you have a loved one who needs your financial help.
Joanne and her late husband Hal had been longtime supporters of our
organization. Recently, Joanne's children encouraged her to update her
estate plan. Joanne thought that was a great idea. In fact, she had been
thinking about meeting with her attorney to discuss how she could make a
significant gift to support our work.
Joanne:
Hal and I were passionate about Lanakila Pacific Foundation's mission. We
even volunteered regularly. After Hal passed away, I wanted to make a gift
that would honor his memory.
When she met with her attorney, Joanne explained her goals and described
her assets. She'd inherited Hal's IRA, which when combined with her own,
would provide her with the necessary retirement security she needed. She
even had enough to allow her to take regular vacations and splurge on gifts
for the grandkids.
Joanne:
I had originally thought about leaving my IRA to our kids and other assets
to charity. My attorney suggested a different strategy and told me that an
IRA is a great gift to leave to charity. He explained that if my kids
inherited the IRA, my estate would pay estate taxes and my kids would pay
income tax on the IRA. But, by giving the IRA to charity and other assets
to my kids, the kids will still receive a nice inheritance, and we avoid
income and estate taxes entirely!
Joanne:
Making a gift of my IRA was easy! I contacted my IRA custodian, who emailed
me an IRA beneficiary designation form. I completed the form, named
Lanakila Pacific Foundation as the primary beneficiary of my IRA and mailed
it back to the custodian. I called Lanakila Pacific Foundation to tell them
about my gift, and they were very touched. I know Hal would be happy too.
Best of all, I can continue to use my IRA for as long as I live, and when I
pass away, my IRA will go to charity.
Is a beneficiary designation gift right for you?
If you own a qualified retirement plan, such as an IRA, 401(k) or 403(b)
and would like to make a charitable gift, your family or your estate might
benefit if you update your beneficiary designation form naming our
organization as a beneficiary. Beneficiary designation gifts may help your
heirs avoid paying income tax on certain inherited assets and may help your
estate avoid estate taxes.
If you have questions about making a beneficiary designation gift, please
contact us. We would be happy to work with you and answer any questions
that you have.
*Please note: The name and image above is representative of a typical donor
and may or may not be an actual donor to our organization. Since the
benefits of each gift may be different, you should seek the advice of your
legal, tax or financial advisor.
If you have any questions about leaving a beneficiary designation gift to us, please contact us. We would be happy to assist you.
If you have already designated us as a beneficiary of an asset or as part of your estate plan, please let us know. We would like to recognize you and your family for your gift.
FlexibilityMost beneficiary designation forms are very flexible. You can name Lanakila Pacific Foundation as a "full" or "partial" beneficiary of your account or life insurance policy. You can also name Lanakila Pacific Foundation as a "primary" or "contingent" beneficiary.
Family ConsiderationsBeneficiary designation gifts allow you to provide for family and support the causes that matter most to you. With a designation form you could, for example, name your spouse as the "primary" beneficiary and each of your children and Lanakila Pacific Foundation as "partial contingent" beneficiaries. With this arrangement, if your spouse survives you, he or she would receive the account. If not, the account or policy would be paid out to your children and Lanakila Pacific Foundation in whatever shares (or percentages) that you chose on the designation form.
TerminologyBeneficiary designation gifts are simple and straightforward. Common terminology includes "beneficiary designation" but also includes "payable on death" or "transfer on death." The term "beneficiary designation" is most commonly used when naming beneficiaries of retirement plans or life insurance policies. The term payable on death (or "POD") typically involves the designation of a beneficiary of a checking account, savings account or certificates of deposit, and transfer on death (or "TOD") often involves the designation of a beneficiary of stocks, bonds or mutual funds.
Additional Materials
To download a brochure and learn more about Beneficiary Designation gifts, click here.
To download a brochure and learn more about TOD gifts, click here.
To download a brochure and learn more about POD gifts, click here.
Beneficiary Designations and Real EstateSome states even allow "beneficiary designation deeds" or "transfer on death deeds," which would allow you to name Lanakila Pacific Foundation as the survivor beneficiary of your home, farm or other real estate. As with other beneficiary designation gifts, these gifts are revocable by filing a revocation or new beneficiary designation deed.