Not everyone wants to commit to making a gift in their wills or estates. Some prefer the increased flexibility that a beneficiary designation provides by using:
- IRAs and retirement plans
- Life insurance policies
- Donor advised funds
- Commercial annuities
It is very simple to name Scouting America as a beneficiary. Start by requesting a change-of-beneficiary form from your policy administrator or download the form from your provider's website. Make your desired changes and return the form to establish your gift.
An Example of How It Works
Casey and Sam treasure the financial help they’ve been able to give their children and Scouting America over the years. The couple recently updated their will to leave stocks and real estate to their kids. They left Scouting America a $75,000 IRA to be transferred following their lifetime. Because Scouting is tax-exempt, all $75,000 will help support Scouting America.
If Casey and Sam had left the IRA to their children, approximately $18,000* would have gone to pay federal income taxes—leaving only $57,000 for their family’s use. They are happy knowing they are making the most of their hard-earned money thanks to their updated estate plan.
*Based on an assumption of a 24% marginal income tax bracket.