DESIGNATING BENEFICIARIES
MAKE A GIFT IN A FEW EASY STEPS
Not everyone wants to commit to making a gift in their wills or estates. Some prefer the increased flexibility that a beneficiary designation provides by using:
- IRAs and retirement plans
- Life insurance policies
- Donor-advised funds
- Commercial annuities
It is very simple to name the YMCA of the Fox Cities as a beneficiary. Start by requesting a change-of-beneficiary form from your policy administrator or download the form from your provider's website. Make your desired changes and return the form to establish your gift.
AN EXAMPLE OF HOW IT WORKS
Robert and Carol treasure the financial help they have been able to give their children and the YMCA of the Fox Cities over the years. The couple recently updated their will to leave stocks and real estate to their kids. They left the YMCA of the Fox Cities a $75,000 IRA to be transferred following their lifetime. Because the YMCA of the Fox Cities is tax-exempt, all $75,000 will help support our mission.
If Robert and Carol had left the IRA to their children, approximately $18,000* would have gone to pay federal income taxes—leaving only $57,000 for their family's use. Robert and Carol are happy knowing they are making the most of their hard-earned money thanks to their updated estate plan.
*Based on an assumption of a 24% marginal income tax bracket.