While most of your assets will pass to your family or to your favorite charities through your will, some assets, like retirement plans and life insurance policies, are governed by a separate document, called a beneficiary designation. Through these forms, you can specify the individuals and organizations you want to support. You can also specify the percentage of the assets you want each beneficiary to receive.
Retirement Plan Assets
You may wish to consider using retirement plan assets for gifts to your favorite charity. IRA assets, for example, could be taxed as high as 55% if they remain in your estate and left to family members. Leaving all or a portion of these assets to Playhouse Square removes the asset from you estate without taxation, allowing you to leave other assets, with less tax burden, to children and family. This type of gift is accomplished by completing a beneficiary designation form provided by the financial institution that holds your retirement plan assets, naming Playhouse Square the recipient of all or a percentage of those assets.
Life Insurance Proceeds
Designating Playhouse Square as a beneficiary of all or a part of your life insurance policy is a very convenient and easy way to make a charitable gift. Like retirement plan assets, this type of gift is accomplished by completing a beneficiary designation form provided by your insurance company. You can name Playhouse Square as the recipient of all or a percentage of the proceeds.
If you have questions, need further information or wish to discuss your plans, contact Michelle Ryan Stewart, Senior Vice President of Advancement, at 216-640-8410.