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 $18,000* would have gone to pay federal income taxes, leaving only $57,000 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 24 percent marginal income tax bracket.
Not Sure How to Begin Planning?Download My FREE Personal Estate Planning Kit
- Contact Susan Houston at 214.720.1478 or firstname.lastname@example.org for additional information on beneficiary designations and how they can help support TPWF with our mission.
- 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 in your plans, 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
Beneficiary Designations: The 3 Easiest Ways to Leave Your LegacyView My Guide