Beneficiary Designation Gifts
A beneficiary designation gift to The Salvation Army allows you to name the organization as the beneficiary of a retirement account, investment account, bank account, or life insurance policy. To make a beneficiary designation gift, simply follow these steps:
- Contact the person who manages your account or policy, such as your broker, banker, or insurance agent.
- Request a beneficiary designation form.
- Add The Salvation Army and the desired percentage for your gift. Complete and sign the form, then return it to your broker, banker, or agent.
The Salvation Army's planned giving advisors are available to guide you through each option and explain the potential financial advantages. Please contact us for more information.
Maximizing Impact and Minimizing Taxes: Tom's Strategic Designation
Tom, a widower who valued The Salvation Army's mission, planned a meaningful estate gift. With stocks, real estate, and an IRA, he sought his attorney's advice for tax-efficient distribution. He learned that appreciated assets like stocks and real estate could be left to his children on a step-up basis, avoiding substantial taxes. In contrast, leaving the IRA to his children would subject it to estate and income taxes.
To maximize his family's inheritance and support The Salvation Army, Tom designated his IRA to the charity, avoiding extra taxes. He updated his IRA beneficiary designation and specified in his will that his other assets would go to his children, appointing his attorney as executor.
Tom was pleased to know that his gift would fully support The Salvation Army's mission, ensuring a lasting legacy for his favorite charity.
Note: The names and details in this story represent typical donors and may not reflect an actual donor to our organization.
Contact us
If you have any questions about gifts of retirement assets, please contact us. We would be happy to assist you and answer any questions that you have.
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