Beneficiary Designation Gifts
A beneficiary designation gift is a simple and affordable way to make a gift to support the Greater Philadelphia Chapter. You can designate the Greater Philadelphia Chapter as a beneficiary of a retirement, investment or bank account or your life insurance policy.
Flowchart: Donor executes designation form with account custodian to designate the Greater Philadelphia Chapter as the beneficiary of a retirement, investment, or bank account, or life insurance policy.
BENEFITS OF A BENEFICIARY DESIGNATION GIFT
- Support the causes that you care about.
- Continue to use your account as long as you need to.
- Simplify your planning and avoid expensive legal fees.
- Reduce the burden of taxes on your family.
- Receive an estate tax charitable deduction.
HOW A BENEFICIARY DESIGNATION GIFT WORKS
- To make your gift, 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.
- When you pass away, your account or insurance policy will be paid or transferred to the Greater Philadelphia Chapter, consistent with the beneficiary designation.
IMPORTANT CONSIDERATIONS FOR YOUR FUTURE
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 about your designation at any time in the future for any reason, including if you have a loved one who needs your financial help.
If you have any questions about leaving a beneficiary designation gift to the Greater Philadelphia Chapter, please contact us. We would be happy to assist you.
If you have already designated the Greater Philadelphia Chapter as a beneficiary of an asset or as part of your estate plan, please let us know. We would like to recognize you and your family for your gift and welcome you as members of our Legacy Society.
Flexibility—Most beneficiary designation forms are very flexible. You can name The ALS Association Greater Philadelphia Chapter as a "full" or "partial" beneficiary of your account or life insurance policy. You can also name The ALS Association Greater Philadelphia Chapter as a "primary" or "contingent" beneficiary.
Family Considerations—Beneficiary designation gifts allow you to provide for your family and support the causes that matter most to you. With a designation form you could, for example, name your spouse as the "primary" beneficiary and each of your children and The ALS Association Greater Philadelphia Chapter 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 The ALS Association Greater Philadelphia Chapter in whatever shares (or percentages) you chose on the designation form.
Terminology—Beneficiary designation gifts are simple and straightforward. Common terminology includes "beneficiary designation" but also includes "payable on death" or "transfer on death." The term "beneficiary designation" is most commonly used when naming beneficiaries of retirement plans or life insurance policies. The term payable on death (or "POD") typically involves the designation of a beneficiary of a checking account, savings account, or certificates of deposit, and transfer on death (or "TOD") often involves the designation of a beneficiary of stocks, bonds, or mutual funds.
Beneficiary Designations and Real Estate—Some states even allow "beneficiary designation deeds" or "transfer on death deeds," which would allow you to name the Greater Philadelphia Chapter as the survivor beneficiary of your home, farm, or other real estate. As with other beneficiary designation gifts, these gifts are revocable by filing a revocation or new beneficiary designation deed.