“I wanted to learn how to start something up that
is sustainable after we leave.”
-Sarah Joy Mikolajczyk, M.A. ‘12
Your Legacy Can Sustain: Gifts by Beneficiary Designation
You can name the Adler School as the sole beneficiary or as one of several. This allows you to make a gift while still providing for family members or other loved ones. As with other gifts, it can be unrestricted (available for the greatest need) or you can direct it to a program at the School.
This gift is simple because you can control the transfer of these assets at your passing without changing your will or living trust. All you need to do is request (and complete) a new beneficiary designation form from your plan administrator.
For U.S. supporters, a gift of retirement assets has the added advantage of being among the most tax-wise ways to make an estate gift. This is because your retirement assets, if left to individuals (other than a spouse), will be subject to income tax in addition to any applicable estate tax. With a gift to a non-profit organization such as the Adler School, 100 percent of the funds are available for its charitable purposes. If you want to remember us in your estate plan, it is often better to leave other types of assets – cash, securities, real estate – to your heirs and give the more heavily taxed retirement asset to the Adler School.
Life Insurance policies can also be used to make a gift to the Adler School. Complete and return to the insurance company a form designating that the Adler School for Professional Psychology receives all or a portion of the death benefit associated with your life insurance policy. As an alternative to naming the Adler School as the beneficiary, you can transfer ownership of the policy. Transferring ownership results in income tax savings in the year of the gift.
Other Assets (applicable only to U.S. supporters)
Commercial Annuity Contracts: A commercial annuity will sometimes have a remaining value at the end of the annuitant’s lifetime. You can name the Adler School to receive all or part of this amount by designating it as a beneficiary (sole or partial) on the appropriate form from the insurance company.
Bank Accounts: You can instruct your bank to pay the Adler School all or a portion of what remains in a checking or savings account. Your bank can provide you with the appropriate beneficiary designation form.
Investment Accounts: You can instruct your investment company to transfer to the Adler School some or all investments held in the account at the time of your passing. Your broker or agent can let you know the process for doing this – it may be as simple as adding “T.O.D. to Adler School for Professional Psychology” after your name on the account.