Many charitable people wish to create a legacy for Planned Parenthood of the Heartland (PP Heartland), but have no interest in writing a will or trust. Here are three ways this can be achieved:
name PP Heartland as beneficiary of a retirement fund name PP Heartland as beneficiary of an insurance policy, or name PP Heartland as successor to your bank or investment account
Retirement Funds
You can create a legacy by naming PP Heartland as beneficiary or contingent beneficiary of an IRA, 401 (k), 403 (b), Keogh account, or other retirement plan. When a retirement account is left to a charity, the organization does not pay the income tax otherwise due if left to a friend or family member. For very high net worth individuals, assets in these accounts may be taxed twice if they are part of your estate, resulting in asset depletion. To make such a gift requires completing a change of beneficiary form. There should be no fees involved, and it does not require any work on the part of an accountant or attorney.
If you need help obtaining a change of beneficiary form, please contact us.
Note
If you are married, please note that changing beneficiaries may require the permission of your spouse. There also may be additional tax and financial planning issues, so when considering these assets in your plans, you should consult your legal or financial advisor.
Insurance Policies
Life insurance may be used to create a legacy by naming PP Heartland as beneficiary or contingent beneficiary of the policy. This requires that you complete a change of beneficiary form with the insurance company. You do not have to work with an attorney or accountant, nor are any fees involved to arrange such a gift. If you name PP Heartland as beneficiary, you can change your mind at any time by updating the change of beneficiary form. If you need help obtaining a change of beneficiary form, please contact us.
Bank and Investment Accounts
You may name PP Heartland as successor to your bank or investment account in most states. The arrangement is known as TOD/POD or Transfer-on-Death/Payable-on-Death. This requires that you complete a form directly with your financial institution. You do not have to work with an attorney or accountant, nor are any fees involved to arrange such a gift. TOD/POD gifts are completely revocable -- you may change your mind at any time by filling out a new form.
You may be asked for the following information on the form
Legal Name
Planned Parenthood of the Heartland, Inc.
Legal Address
1171-7th St., Des Moines, IA 50314
Tax I.D./Employer Identification Number
42-0727488
If you would like more information, please contact us.
