Beneficiary Designation Gifts
A beneficiary designation gift is a simple and affordable way to make a gift to support IU Health Foundation. Not everyone wants to commit to making a gift in their will, some prefer the multiple advantages that a gift by beneficiary designation provides.
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.
Beneficiary designation gifts allow you to provide for family and support IU Health Foundation. With a designation form you could, for example, name your spouse as the "primary" beneficiary and each of your children and IU Health 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 IU Health Foundation in whatever shares (or percentages) that you chose on the designation form.
Benefits of a Beneficiary Designation Gift
- Simplify your planning and avoid expensive legal fees.
- Continue to use your account as long as you need to.
- Name multiple beneficiaries.
- Support a future healthy Indiana.
How a beneficiary designation gift works
- Contact the person who helps you with your account or insurance policy, such as your broker, banker, or insurance agent.
- Ask them to send you a new beneficiary designation form.
- Complete the form, sign it, and mail it back to your broker, banker or agent.
Did you know?
If you are like most people, you probably will not use all your retirement during your lifetime. You can make a gift of your unused retirement assets to help support IU Health' mission of a healthier Indiana. And did you know that 40%-60% of your retirement assets may be taxed if you leave them to your heirs at your death? Another option is to leave your heirs assets that receive a step up in basis, such as real estate and stock, and give the retirement assets (IRA, 401(k), 403(b), pension, or other tax-deferred plan) to IU Health Foundation. As a charity, we are not taxed upon receiving retirement plan assets. If you designate IU Health Foundation as a beneficiary, we will benefit from the full value of your gift. Additionally, your estate could benefit from an estate tax charitable deduction for the gift.
Assets that use Beneficiary Designations
- Retirement Accounts
- Life Insurance
- Brokerage or Investment Accounts
- Commercial Annuity Contracts
- Donor Advised Funds
- Bank Accounts
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.
