"Leaving my IRA to my children would mean more than half of it would vanish in taxes. Giving it to The Heritage Foundation through my estate is a very tax effective thing to do. To me, it's worth less than 50 cents on the dollar, but to Heritage, it's worth 100% and makes such a difference." -Norman Metcalf
IRAs, Insurance, and other Beneficiary Designations
A beneficiary designation gift is a simple and affordable way to make a gift to support The Heritage Foundation. You can designate us as a beneficiary of a retirement, investment or bank account or your life insurance policy.
Benefits of a beneficiary designation gift
- Support the causes that you care about
- Continue to use your account as long as you need to
- Simplify your planning and avoid legal fees
- Potentially reduce the burden of taxes on your family
- Receive an estate tax charitable deduction, if applicable
How a beneficiary designation gift works
- To make your gift, contact the person who helps you with your account or insurance policy, such as your broker, banker or insurance agent.
- Complete the form and return it to your account custodian.
- At the appropriate time, your gift will pass seamlessly to The Heritage Foundation without the delays of probate.
FlexibilityMost beneficiary designation forms are very flexible. You can name The Heritage Foundation as a "full" or "partial" beneficiary of your account or life insurance policy. You can also name The Heritage 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 The Heritage 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 The Heritage 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.
Beneficiary Designations and Real EstateSome states even allow "beneficiary designation deeds" or "transfer on death deeds," which would allow you to name The Heritage 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.
Important considerations for your future
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 freely use your account as needed. You can also change your mind for any reason in the future, allowing you to maintain total control and flexibility.
This can be easily accomplished by contacting your IRA account custodian and requesting a change of beneficiary form. Heritage's Tax Identification Number is 23-7327730.
If you have any questions about leaving a beneficiary designation gift to us, please contact us. We would be happy to assist you. The Heritage Foundation's Federal Tax Identification Number is 23-7327730
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.