Leaving a Legacy Through a Charitable Bequest

11/01/2018

Leave a Legacy
Leave a legacy.

Not everyone wants to commit to making a gift in their will or estate. Some prefer the increased flexibility that a beneficiary designation provides by using:

  • IRAs and retirement plans
  • Life insurance policies
  • Commercial annuities

To name Banner Health Foundation or Banner Alzheimer’s Foundation as a beneficiary of one of these accounts, simply follow these three easy steps:

  1. Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form.
  2. Decide what percentage (1 to 100) you would like the Foundation(s) to receive and name us, along with the percentage you chose, on the beneficiary form.
  3. Return the completed form to your plan administrator, insurance company, bank or financial institution.

Another simple way to leave a legacy gift is to designate Banner Health Foundation or Banner Alzheimer’s Foundation as beneficiary of your bank accounts, certificates of deposit or brokerage accounts. Two options are available to make this gift.

Payable on death (POD).*  By placing a POD designation on your bank account or certificate of deposit, you can name one or more persons or charities as the beneficiary of all funds once you, the account owner, pass away. The beneficiary you name has no rights to the funds until after your lifetime. Until that time, you remain in control and are free to use the money in the bank account, to change the beneficiary or to close the account.

Transfer on death (TOD).*  By placing a TOD designation on your brokerage or investment account, a specific percentage of that account will be paid over to one or more persons or charities after your lifetime. The beneficiary you name has no rights to the funds until after your lifetime and, just as with a POD, you are free to use the money in the brokerage account, to change the beneficiary or to close the account.

Both POD and TOD designations greatly simplify the estate planning and administration process. The executor or administrator of your estate will not have to take any action to ensure that accounts and/or securities transfer to the entities you designated. To set up the either of these designations, simply contact your bank or investment advisor and provide instructions regarding the change.

For more information on tax-advantaged giving strategies to support the work of Banner Health, contact Pat Elder, Chief Development Officer for Planned Giving, at 602.747.4485 or patricia.elder@bannerhealth.com.

* State laws govern payable on death accounts and transfer on death accounts. Please consult with your bank representative or investment advisor if you are considering these gifts.