Make a beneficiary designation.
Donations in a will or trust are the most popular type of planned gifts, but there are many other non-probate asset beneficiary designations to explore.
Assets not included in your will are called non-probate assets. Examples are 401(k)s, IRA’s, life insurance policies, and other accounts. Designating Pierce County Library Foundation as a beneficiary can have a big impact and may avoid unwanted taxes for your heirs.
You can make a beneficiary designation in support of Pierce County Library Foundation. To do so, contact the firm that holds your assets and complete a beneficiary form.
The following are some common assets for this type of gift:
Retirement Funds Gift
You can reduce or even eliminate tax liabilities on your retirement plan by naming Pierce County Library Foundation as a direct beneficiary. The entire amount of your IRA, 401(k) or other retirement accounts may be taxed if you leave them to your heirs. Instead, consider giving them less tax burdened assets like real estate and stock, and use retirement assets to create your legacy gift with the Foundation.
Life Insurance Policy Gift
If you have a life insurance policy that has outlasted its original purpose, you can use it to fund a legacy gift while enjoying tax savings during your lifetime.
When you redeem savings bonds, you (or the person to whom you leave your bonds) will owe income tax on the appreciation. Since Pierce County Library Foundation is a tax-exempt organization, 100% of your gift of savings bonds will support our mission to strengthen our libraries.
CDs, Bank Accounts and Brokerage Accounts
Naming Pierce County Library Foundation as the beneficiary of a certificate of deposit, a checking or savings bank account, or a brokerage account is one of the easiest ways to positively impact our libraries.
Donor Advised Fund Residuals
Final distribution of contributions remaining in a donor-advised fund is governed by the contract you completed when you created your fund. Please consider naming Pierce County Library Foundation as a successor of your account or a portion of your account value.