Beneficiary designation gifts – help tomorrow, today

By Alison O’Carroll, director and philanthropic counsel

Long ago, when you purchased that life insurance policy or set up that retirement account, you named someone or something (estate, trust) to receive whatever value remains at your passing. Have you reviewed those beneficiary designations recently?

My husband and I did that just last week. While it took some time, we are glad we did as we found a few surprises! In some instances, our chosen beneficiaries weren’t quite who we thought they were and in others they were simply outdated.  It felt good to take control of this aspect of our lives, especially in this time of change. I encourage you to take the time to do a similar review. You’ll feel better and your loved ones will be forever grateful!

As a part of your review, please consider naming the Community Foundation as a beneficiary of one or more of your assets, for all or just a portion of the amount. You’ll be helping address future needs of the community while retaining control should you need the asset during your lifetime. Other advantages? This type of gift is very flexible, easy to arrange and change, and can be one of the most tax-advantaged ways to give. Learn more here.

There are many assets you can use for a beneficiary designation gift, including:

• IRAs
• Life insurance policies
• Retirement plans, e.g., 401(k), 403(b)
• Bank accounts (checking, savings)
• Certificates of deposit (CDs)
• Investment brokerage accounts

You can make a difference – perhaps the biggest difference of your life – to future generations, through a future gift. A beneficiary designation is one of the smartest ways to make that future gift.

For those of you ready to move forward, you’ll need some information:

The Community Foundation for Greater Atlanta, Inc.
191 Peachtree Street NE
Atlanta, GA  30303
404.688.5525
Tax ID#: 58-1344646.

If you want to learn more first and see if such a gift arrangement is the right choice for you, please contact me at: 404.333.0241 (direct) or AOCarroll@cfgreateratlanta.org.