Consider including Hadassah as a beneficiary of your traditional IRA, 401(k), 403(b) or other retirement plan. Because retirement assets are heavily taxed when left to loved ones, they make an excellent charitable gift after your lifetime to tax-exempt organizations like Hadassah. It's easy to do—just list Hadassah as a beneficiary on the beneficiary designation form and indicate the percentage of the account that you wish Hadassah to receive. The funds distributed to Hadassah will not be subject to income or estate taxes and will be put to good use as soon as possible, without going through probate.
“As Jewish people, we have been taught that we have an obligation to help others and repair the world. I was glad to name Hadassah the beneficiary of my IRA—and it was easy to do.”
Naming your “estate” as the beneficiary of your retirement account could diminish the size of the gift that Hadassah and your other charitable beneficiaries receive. Your estate could be subject to federal (and possibly state) income tax on the retirement proceeds, reducing the size of your overall estate and leaving less for Hadassah. In addition, Hadassah would not receive the proceeds until the estate went through probate. There is a better way! If you name Hadassah on the beneficiary designation form of your retirement account, the funds will pass directly to Hadassah without any reduction for income tax and without the time and expense of probate.
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Learn more about beneficiary designations in our free guide A Smart Use for Your Retirement Plan Assets.Download My Guide
- Contact us at (800) 428-8884 or firstname.lastname@example.org with any questions.
- Seek the advice of your financial or legal advisor.
- Ask your plan's administrator for a "change of beneficiary" form.
- Please use our legal name, address and Federal Tax ID if naming Hadassah as beneficiary of all or part of the remainder of your retirement plan.
|Legal Name:||Hadassah, The Women's Zionist Organization of America, Inc.|
|Address:||40 Wall Street, 8th floor, New York, NY 10005
ATTN: Planned Giving & Estates
|Federal Tax ID No.:||13-1656651|
The information and content contained herein are intended for educational purposes only and are not intended to provide legal, tax or other professional advice or to be relied upon. We encourage you to consult with an attorney, tax advisor or accountant.