Many don’t realize that retirement plans, IRAs, life insurance, donor advised funds and commercial annuities are not affected by a will. These accounts are dispersed according to beneficiary designations. The forms are often easier to update than a will, making them simple ways to leave a legacy.
Making the ELCA Foundation the beneficiary of your retirement plan assets, IRA, life insurance or commercial annuities is easy:
Keeping Designations Up to Date
Beneficiary designations can be modified at any time. Experts suggest reviewing them every two to three years when reviewing your overall estate plan. This way you can ensure your assets reach the intended recipient(s), even as your needs change.
Jordan would like to leave the ELCA Foundation a gift after passing, but would also like to leave something for a family member, Pat. Jordan is trying to decide where a $100,000 IRA should go. Naming the ELCA Foundation as the beneficiary for 100 percent means we would receive the entire $100,000 to help fulfill our mission. By comparison, if Jordan leaves the IRA to Pat, a sizable amount of the IRA would be subject to income taxes.
The value of Jordan’s IRA at death is $100,000. | ||
---|---|---|
Chosen Beneficiary | Pat | the ELCA Foundation |
Federal income taxes (assumes a 24 percent marginal income tax bracket) |
$24,000 | $0 |
Net amount to beneficiary | $76,000 | $100,000 |
The ELCA Foundation exists to develop a culture of intentional generosity and financial stewardship to support and sustain ELCA ministries. The above examples may reference making a gift to the ELCA Foundation when providing sample language or in describing how a gift works for illustrative purposes. The ELCA Foundation processes gifts according to donor wishes defined in a distribution agreement or to fund a named endowment. It's important to discuss your gift with a Regional Gift Planner who can help document your gift intentions or explore how you may make a direct gift to any ELCA-related ministry. Alternatively, a gift may be made directly to a ministry of your choice simply by replacing the name "ELCA Foundation" or "Endowment Fund of the ELCA" with the appropriate name, address, and tax id of the ministry you wish to support.
The ELCA Foundation exists to develop a culture of intentional generosity and financial stewardship to support and sustain ELCA ministries. The above examples may reference making a gift to the ELCA Foundation when providing sample language or in describing how a gift works for illustrative purposes. The ELCA Foundation processes gifts according to donor wishes defined in a distribution agreement or to fund a named endowment. It's important to discuss your gift with a Regional Gift Planner who can help document your gift intentions or explore how you may make a direct gift to any ELCA-related ministry. Alternatively, a gift may be made directly to a ministry of your choice simply by replacing the name "ELCA Foundation" or "Endowment Fund of the ELCA" with the appropriate name, address, and tax id of the ministry you wish to support.
Many don’t realize that retirement plans, IRAs, life insurance, donor advised funds and commercial annuities are not affected by a will. These accounts are dispersed according to beneficiary designations. The forms are often easier to update than a will, making them simple ways to leave a legacy.
Making the ELCA Foundation the beneficiary of your retirement plan assets, IRA, life insurance or commercial annuities is easy:
Keeping Designations Up to Date
Beneficiary designations can be modified at any time. Experts suggest reviewing them every two to three years when reviewing your overall estate plan. This way you can ensure your assets reach the intended recipient(s), even as your needs change.
Jordan would like to leave the ELCA Foundation a gift after passing, but would also like to leave something for a family member, Pat. Jordan is trying to decide where a $100,000 IRA should go. Naming the ELCA Foundation as the beneficiary for 100 percent means we would receive the entire $100,000 to help fulfill our mission. By comparison, if Jordan leaves the IRA to Pat, a sizable amount of the IRA would be subject to income taxes.
The value of Jordan’s IRA at death is $100,000. | ||
---|---|---|
Chosen Beneficiary | Pat | the ELCA Foundation |
Federal income taxes (assumes a 24 percent marginal income tax bracket) |
$24,000 | $0 |
Net amount to beneficiary | $76,000 | $100,000 |