Beneficiary designations are an easy and flexible way to leave a charitable legacy. They can be made using:
- IRAs and retirement plans
- Life insurance policies
- Commercial annuities
- Bank accounts, certificates of deposit or brokerage accounts
These assets are not controlled by the terms of your will but instead use separate beneficiary forms to determine who receives them. These designations can be split across beneficiaries and modified at any time to meet your changing needs.
It only takes three simple steps to make this type of gift. Here's how to name Texas Parks and Wildlife Foundation as a beneficiary:
- Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form.
- Decide what percentage (1 to 100) you would like us to receive and name us, along with the percentage you chose, on the beneficiary form.
- Return the completed form to your plan administrator, insurance company, bank or financial institution.
An Example of How It Works
Robert and Carol treasure the financial help they've been able to give their children and TPWF over the years. The couple recently updated their will to leave stocks and real estate to their kids. They left TPWF a $75,000 IRA to be transferred following their lifetime. Because TPWF is tax-exempt, all $75,000 will help support our mission.
If Robert and Carol had left the IRA to their children, approximately $21,000* would have gone to pay federal income taxes, leaving only $54,000 for their family's use. Robert and Carol 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 28 percent marginal income tax bracket.
- Contact Merrill Chester Gregg at 214.720.1478 or email@example.com for additional information on beneficiary designations.
- Talk to your financial or legal advisor to learn which assets will or will not trigger taxable income when paid to a beneficiary.
- If you name TPWF as a beneficiary, please use our legal name and federal tax ID.
Legal Name: Parks and Wildlife Foundation of Texas (dba Texas Parks and Wildlife Foundation)
Address: 2914 Swiss Avenue, Dallas, TX 75204
Federal Tax ID Number: 74-2602504
- Please let us know if you include TPWF in your plans so that we can thank you and ensure that we fulfill any specific wishes you may have for your gift.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.