There are numerous ways you can accomplish planned giving. You can provide for a bequest to the Humane Society of El Paso (HSEP) in your will or revocable living trust. The bequest can be of a particular asset, of a certain dollar amount or of a percentage of your estate. If you already have a will, you can add the bequest to the will with a codicil or amendment to your will. If you already have a revocable living trust, you can add the bequest to the trust with an amendment to the trust.
Life Insurance Beneficiary
Another way to leave a future gift to the HSEP is to designate the HSEP as a beneficiary of a portion of the proceeds of a life insurance policy. You can contact your insurance company and ask it to send you a beneficiary designation form so you can indicate the gift. By designating the HSEP as the beneficiary of a new or existing life insurance contract, you can make a significantly larger gift than you may have been able to make from current assets.
Retirement Account Distributions
Distributions to individuals from retirement assets such as individual retirement accounts (IRAs), 401(K) plans and 403(b) plans are subject to income tax. If, however, the HSEP is named as the beneficiary of all or a portion of the retirement account; the amount distributed directly to the HSEP is not subject to income tax. You should contact the administrator of your retirement account to obtain a beneficiary designation form.
You can also specifically designate the HSEP as a beneficiary of a bank account, stock account or certificate of deposit. You should contact the financial institution at which the account is held to ask for the proper forms to make the beneficiary designation.