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.