Using a Beneficiary Designation to Make a Gift to Charity
Joanne: Hal and I were passionate about Phoenix Theatre's mission. We even volunteered as ushers in addition to our regular attendance. After Hal passed away, I wanted to make a gift that would honor his memory.
When she met with her attorney, Joanne explained her goals and described her assets. She'd inherited Hal's IRA, which when combined with her own, would provide her with the necessary retirement security she needed. She even had enough to allow her to take regular vacations and splurge on gifts for the grandkids.
Joanne: I had originally thought about leaving my IRA to our kids and other assets to Phoenix Theatre. My attorney suggested a different strategy and told me that my IRA would be a greater gift to leave to Phoenix Theatre. He explained that if my kids inherited the IRA, my estate would pay estate taxes and my kids would pay income tax on the IRA. But, by giving the IRA to Phoenix Theatre and other assets to my kids, the kids will still receive a nice inheritance, and we avoid income and estate taxes entirely!
Joanne: Making a gift of my IRA was easy! I contacted my IRA custodian, who emailed me an IRA beneficiary designation form. I completed the form, named Phoenix Theatre as the primary beneficiary of my IRA and mailed it back to the custodian. I called Phoenix Theatre to tell them about my gift, and they were very touched. I know Hal would be happy too. Best of all, I can continue to use my IRA for as long as I live, and when I pass away, Phoenix Theatre will be able to use the gift to continue their incredible work in Arizona.
Joanne: Making a gift of my IRA was easy! I contacted my IRA custodian, who emailed me an IRA beneficiary designation form. I completed the form, named Phoenix Theatre as the primary beneficiary of my IRA and mailed it back to the custodian. I called Phoenix Theatre to tell them about my gift, and they were very touched. I know Hal would be happy too. Best of all, I can continue to use my IRA for as long as I live, and when I pass away, Phoenix Theatre will be able to use the gift to continue their incredible work in Arizona.