Not everyone wants to commit to making a gift in their will or estate. Some prefer the increased flexibility that a beneficiary designation provides by using:
It only takes three, simple steps to make this type of gift. Here's how to name Institute for Shipboard Education as a beneficiary:
Legal Name: Institute for Shipboard Education
Address: Colorado State University, Campus Delivery 1587, Fort Collins, CO 80523-1587
Federal Tax ID Number: 95-3075415
Robert and Carol treasure the financial help they've been able to give their children and ISE/SAS over the years. The couple recently updated their will to leave stocks and real estate to their kids. They left ISE/SAS a $75,000 IRA to be transferred following their lifetime. Because ISE/SAS 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 percent marginal income tax bracket.
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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.