Planned Giving Retirement Savings and Insurance Policies

Saint Andrew's Abbey

Planned Giving


 

 

 






 

 

 

RETIREMENT SAVINGS

If you participate in pension plans, individual retirement accounts, 401(k) plans or another qualified retirement savings plan, you may have an opportunity to contribute a significant planned gift, by making a simple change to the beneficiary designation.

 

This generous action also may be good tax planning. With such designations, your heirs could avoid receiving proceeds that will be taxed as ordinary income at their current tax rate. Saint Andrew's Abbey, Inc. is a non-profit, thus making your gift of retirement savings more valuable as no tax will be collected. If you desire to transfer an inheritance to children and leave a bequest to charity, the preferred method is to transfer part or all of an IRA to charity and leave non-IRA assets to your children. Your estate planning advisers can guide you to adding the most value to your gift through careful tax planning for your personal situation.

 

Please keep in mind that some retirement plans have special rules about changing beneficiaries. It is important to check with your retirement plan administrator and your estate attorney before making any change in your designated beneficiaries.

 

HERE IS HOW TO CHANGE YOUR BENEFICIARY DESIGNATION

It’s simple to change the beneficiary designations of your retirement plan to benefit Saint Andrew’s Abbey, a 501(c)3 nonprofit organization. Here are five easy steps:

1. Request a change-of-beneficiary form from your retirement plan administrator or insurance company.

2. Determine the percentage you would like Saint Andrew’s Abbey to receive.

3. Name Saint Andrew's Abbey, Inc. (Federal Tax ID # 95-1904411) and the percentage amount, along with any other beneficiaries, on the form.

4. Return the form to your plan administrator or insurance company.

5. Notify Saint Andrew’s Abbey of your plan so that we may show our gratitude.
Please contact Brother Paul Ortega, 661 944-2580, business@valyermo.com.



LIFE INSURANCE POLICIES

Similarly, life insurance policies protect your family and peace of mind. They may also protect the future of Saint Andrew’s Abbey! If you name Saint Andrew’s Abbey as the death beneficiary of your policy, you may maintain your lifetime ownership rights in the policy (including the right to borrow against the policy, cash it in, or change the beneficiary again).

 

Your estate may receive a charitable deduction for the potential proceeds that pass to Saint Andrew’s Abbey. Other options include making Saint Andrew’s a co-beneficiary, so that the potential proceeds are shared with another, or a contingent beneficiary so that Saint Andrew’s Abbey may receive potential proceeds, only if your primary beneficiary precedes you in death.

HERE IS HOW TO CHANGE YOUR BENEFICIARY DESIGNATION

It’s not difficult to change the beneficiary designations of your life insurance policy to benefit Saint Andrew’s Abbey, a 501(c)3 nonprofit organization. Here are five easy steps:

1. Request a change-of-beneficiary form from your insurance company.

2. Determine the percentage you would like Saint Andrew’s Abbey to receive.

3. Name Saint Andrew’s Abbey, Inc. (Federal Tax ID 95-1904411) and the percentage amount, along with any other beneficiaries, on the form.

4. Return the form to your plan administrator or insurance company.

5. Please notify Saint Andrew’s Abbey of your plan so that we may show our gratitude. Please contact:
Brother Paul Ortega, 661 944-2580, business@valyermo.com.


Disclaimer:
Saint Andrew’s Abbey is not engaged in providing legal or tax advisory services. We encourage you to seek your own legal and tax-planning counsel when considering any and all charitable estate gifts.


If you have any questions or concerns about your legacy gift, please feel free to contact:
Brother Paul Ortega, O.S.B., 661 944-2580, business@valyermo.com

 



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