An excellent way to make a planned gift is to name La Salle Prep as a beneficiary of certain types of “beneficiary designation” assets. For example, a benefactor may name La Salle Prep as a 20% beneficiary of her life insurance policy or IRA. By doing so, a benefactor quickly and easily creates a planned gift that will avoid probate, fulfill philanthropic goals and potentially save significant income or estate tax.
Many people own life insurance policies and qualified retirement plans, such as 401(k) or 403(b) plans and IRAs. In fact, these assets in most cases represent a significant portion of a person’s estate. Accordingly, prudent estate planning requires giving careful thought to the eventual distribution of these valuable assets.
To name La Salle Prep as a beneficiary to receive assets such as retirement plans and life insurance policies after a donor’s passing, a specific beneficiary designation form which controls the ultimate distribution of these types of assets must be filled out.
Not only is this an easy way to give, but it's also flexible—you aren't locked into the choices you make today. You can review and adjust beneficiary designations anytime you want.