Gifts of Retirement Assets and Beneficiary Designations
A beneficiary designation is the simplest way to make a legacy gift to Pathlight. When you complete your beneficiary designation form, please name Pathlight as a full or partial beneficiary. These gifts bypass probate and go directly to all beneficiaries.
Some common designation options are:
- Retirement plans (traditional IRA, 401(k), etc.)
- Insurance policies
- Savings accounts
Bequests and Wills
Please consider adding Pathlight as a beneficiary in your will. You may be able to add a simple codicil for a charitable bequest to an existing will. Pathlight will honor your intentions to provide a charitable gift through your will and offer you recognition today.
Here are some common bequest options you can use:
- Determine a specific dollar amount or asset that you would like to leave to Pathlight
- Name Pathlight as the recipient of a percentage of your residuary estate after you’ve provided for your loved ones
- Pathlight receives a bequest only in the event of the death of other beneficiaries
Select a bequest that meets your needs. After providing for your loved ones, please decide to leave a provision in your will to Pathlight, designating a specific amount or percentage of cash, marketable securities, real estate, or other assets.
A Charitable Gift Annuity
You can transfer cash or securities to Pathlight and receive a lifetime annuity payment from your gift. The rate is based on your age and the number of annuitants. You receive a charitable income tax deduction based on the age and number of annuitants (generally, the donor or the donor and the donor's spouse). Your deduction may be claimed in the year of your gift up to the contribution ceilings previously outlined. You avoid immediate capital gains tax on the transfer of appreciated securities, and the annual payment is based on the fair market value of your gift.
A Gift of a Life Insurance Policy
You may contribute a life insurance policy to Pathlight that is no longer needed for its original purpose. Simply ask your life insurance company for a Designation of Beneficiary form.
To make an irrevocable transfer that will receive gift credit, you must name Pathlight as the beneficiary and owner. You will receive gift credit for the cash surrender value of the policy and may claim that value as an income tax deduction in the year of the transfer.