A beneficiary designation is one of the simplest ways to make a legacy gift to Pine Street Inn. Not everyone wants to commit to making a gift in their wills or trust. Some prefer the increased flexibility a beneficiary designation provides. Using these assets may also be tax efficient.
Beneficiary designations are available when using the following assetsts:
- Retirement assets [IRAs, 401(k)s, 403(b)s]
- Life insurance policies
- Savings bonds or annuities
- Bank and brokerage accounts
- Donor advised funds
You can name Pine Street Inn as a whole beneficiary, for a percentage or as a contingent beneficiary in 3 Steps.
- Contact the administrator of your retirement plan, insurance policy, bank, brokerage account or donor advised fund for a change-of-beneficiary form. You may be able to download the form from their website.
- Decide what percentage you would like us to receive and name Pine Street Inn, along with the percentage you chose, on the beneficiary form.
- Return the completed form to your plan administrator, insurance company, bank or financial institution, and notify us.
If you would like to personalize your beneficiary designation, please discuss with your attorney and contact the Senior Planned Giving Officer, Brendan Donnelly at 617.892.9172 or Brendan.Donnelly@pinestreetinn.org.
A gift of retirement assets has the added advantage of being among the most tax-wise ways to make an estate gift. This is because your retirement assets, if left to individuals, will be subject to income tax in addition to any applicable estate tax. With a gift to a non-profit such as Pine Street, 100 percent of the funds are available for its charitable purposes. If you want to remember us in your estate plan, it is often better to leave other types of assets – cash, securities, real estate – to your heirs and give the more heavily taxed retirement asset to Pine Street Inn.
All you need to do is request (and complete) a new beneficiary designation form from your plan administrator. There is no need to modify your will or living trust.
Life Insurance policies can also be used to make a gift to Pine Street. Complete and return to the insurance company a form designating that Pine Street Inn receives all or a portion of the death benefit associated with your life insurance policy. As an alternative to naming Pine Street as the beneficiary, you can transfer ownership of the policy. Transferring ownership results in income tax savings in the year of the gift.
Commercial Annuity Contracts - a commercial annuity will sometimes have a remaining value at the end of the annuitant’s lifetime. You can name Pine Street to receive all or part of this amount by designating it as a beneficiary (sole or partial) on the appropriate form from the insurance company.
Bank Accounts - you can instruct your bank to pay Pine Street all or a portion of what remains in a checking or savings account. Your bank can provide you with the appropriate beneficiary designation form.
Investment Accounts - you can instruct your investment company to transfer to Pine Street some or all investments held in the account at the time of your passing. Your broker or agent can let you know the process for doing this – it may be as simple as adding “T.O.D. to Pine Street Inn” after your name on the account.
Pine Street Inn and its staff do not provide legal, tax or financial advice. For such advice, please consult your own professional advisor.