Gifts by Beneficiary Designation
An alternative to a bequest gift is to designate Newton-Wellesley Hospital Charitable Foundation as the beneficiary of your IRA or other retirement assets. This gift is simple because you can control the transfer of these assets at your death without changing your will or living trust. All you need to do is request (and complete) a new beneficiary designation form from your plan administrator. There is no need to modify your will or living trust.
A gift of retirement assets has the added advantage of being among the most tax-wise ways to make an estate gift. This is because your retirement assets if left to individuals (other than a spouse) will be subject to income tax in addition to any applicable estate tax. With a gift to a non-profit such as the Newton-Wellesley Hospital Charitable Foundation, 100 percent of the funds are available for its charitable purposes. If you wish to remember us in your estate plan, it is often better to leave other types of assets – cash, securities, real estate – to your heirs and give the more heavily taxed retirement asset to the Newton-Wellesley Hospital Charitable Foundation.
Life insurance policies can also be used to make a gift to Newton-Wellesley. Complete and return to the insurance company a form designating that Newton-Wellesley Hospital Charitable Foundation receives all or a portion of the death benefit associated with your life insurance policy. An alternative to naming Newton-Wellesley Hospital Charitable Foundation as the beneficiary is to transfer ownership of the policy. Transferring ownership provides you with an income tax charitable deduction in the year of the gift.
- Commercial Annuity Contracts – A commercial annuity will sometimes have a remaining value at the end of the annuitant’s lifetime. You can name the Newton-Wellesley Hospital Charitable Foundation to receive all or part of this amount by designating it as a beneficiary (sole or partial) on the appropriate form available from the insurance company.
- Bank Accounts – you can instruct your bank to pay to the Newton-Wellesley Hospital Charitable Foundation all or a portion of what remains in a checking or savings account. Your bank can provide you with the appropriate beneficiary designation form.
- Investment Accounts – you can instruct your investment company to transfer to the Newton-Wellesley Hospital Charitable Foundation some or all investments held in the account at the time of your passing. Your broker or agent can let you know the process for doing this – it may be as simple as adding “T.O.D. to Newton-Wellesley Hospital Charitable Foundation” after your name on the account.
For more information about making a Planned Gift to Newton-Wellesley Hospital, please contact Liz Gianakos at (617) 243-6751 or NWHCF@partners.org.
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