Gifts Through Your
Retirement Plan or Life Insurance
Your IRA, 401(k), or 403(b) plan is a great way to provide for your retirement. It can also be a good opportunity to create a lasting impact for youth for generations. You can make a difference in the lives of youth through a future gift through your retirement account. Benefits to giving through your retirement account include the following:
- Make withdrawals from your retirement account as usual during your lifetime
- Make a gift that becomes effective only when you and your spouse or partner no longer need the assets
- Donate all or a percentage of the balance of your account
The standard withdrawal formula for a retirement account is designed to make the balance last for your lifetime, and there is usually a remaining balance. That balance can make a great charitable gift — especially since leaving it to non-spouse family members generally makes it subject to estate tax. A beneficiary designation is separate from the instructions in your will, so you can make this type of gift even if you don’t have a will. How to make a gift through your retirement account:
- Request a beneficiary designation form from the financial institution that manages your account. You can leave the whole balance or a percentage.
- Complete the form using the below information, as requested:
Big Brothers Big Sisters of America
2502 N. Rocky Point Drive, Suite 550
Tampa, FL 33607
Tax ID# (enter if asked for a Social Security #): 23-1365190
- Complete the Confidential Bequest Intention Form to notify us of your plans.
To ensure your gift is made only after you know the assets won't be needed by your spouse or partner, name your spouse as "primary beneficiary," and BBBSA as "secondary beneficiary." BBBSA will receive a gift only if your spouse does not survive you. When the surviving spouse rolls over the IRA to their own name, please also consider designating BBBSA as a beneficiary at that time. You can also use a beneficiary designation with:
- A life insurance policy
- Employer-provided life insurance
- A bank or brokerage account eligible for "pay on death" or "transfer on death"
- A donor advised fund or "charitable gift fund" account
- An IRA or Roth IRA or other retirement fund
Please contact us at (813)720-8778 or at email@example.com if you have a question regarding your planned gift.
* Legal Notice: This information is not intended as tax or legal advice. For more information about estate planning and making a planned gift to Big Brothers Big Sisters of America, we encourage you to consult with your legal and financial advisors. Laws and regulations governing all gifts and availability of certain life income gifts vary by state.