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Retirement Funds & Insurance

There are several ways in which a donor may use beneficiary designations to make a gift to the East-West Center:

 

·        A beneficiary designation is like a bequest because the donor names the East-West Center Foundation as a recipient of all or a portion of a type of property that passes to beneficiaries according to a designation of beneficiary instead of under a will or trust.

 

·        The most common types of property that pass according to a beneficiary designation are life insurance, retirement plans and IRAs.

 

·        The East-West Center Foundation may be named as a designated beneficiary of retirement plan benefits and IRAs.  There are several tax advantages with this method.  The donor should consult with his/her attorney or CPA, especially if individuals as well as a non-profit organization will be named.

 

·        Gifts from retirement plan benefits and IRAs may avoid both federal and estate taxes and income taxes if they are made payable at death to a charitable organization or to a charitable remainder trust.

 

·        Life insurance policies may be contributed to the East-West Center by irrevocably changing the policy ownership and beneficiary to the East-West Center Foundation.