Beneficiary Designation Gifts

A beneficiary designation gift is a simple and affordable way to make a gift. You can designate the Diocese of Sioux City a beneficiary of a retirement, investment or bank account or your life insurance policy. With a beneficiary designation, you may support the causes you care about, continue to use your account as long as needed, simplify your planning and avoid expensive legal fees.

To make your gift policies, contact the person or trustee who helped you with your retirement account or insurance policy. They will send a new beneficiary designation from. Just complete the form, sign it and mail it back. When you pass away your account or insurance policy will be paid or transferred to your selected recipient.

Please keep in mind that beneficiary designations are among the most flexible of all charitable gifts. Even after you complete the beneficiary designation form, you can take distributions or withdrawals from your retirement, investment or bank account. You can also change your mind for any reason at a future date. A gift through a beneficiary designation is simple and flexible.

Potential benefits of gifts by beneficiary designation:

• Reduce or eliminate taxes on retirement assets
• Reduce or avoid probate fees
• No cost to you now to give
• Create your legacy with our Catholic community

Bank accounts, brokerage accounts or a certificate of deposit:
This is one of the easiest ways to make a difference in our Catholic community. The next time you visit your bank, you can name the Diocese of Sioux City as the beneficiary of a checking or savings bank account, a certificate of deposit (CD) or a brokerage account.

Donor-Advised Funds:
What remains in a Donor-Advised Fund (DAF) is governed by the contract you completed when you created your fund. When you establish a DAF, consider naming the Diocese of Sioux City as a “successor” of your account or designate a portion of your account.

Life Insurance:
A gift of life insurance can be made by transferring the ownership of an existing policy, assign the Diocese of Sioux City as the charitable beneficiary, or if you are purchasing a new policy name the Diocese as the owner. Various tax savings are generated by insurance gifts. Contact your tax professional to learn more.

Retirement Funds:
Retirement funds assets are some of the most highly taxed assets when left to those other than a spouse. But when you name the Diocese of Sioux City as a beneficiary of your retirement account, the full amount goes directly to our Catholic community.
You can give a percentage of what remains in your account or you can name the Diocese as a contingent beneficiary, where we only receive the funds if your primary beneficiaries are no long living.
You can give a percentage of what remains in your account or you can name the Diocese as a contingent beneficiary, where we only receive the funds if your primary beneficiaries are no long living.

Property:
Perhaps you own land or a home that upon your death you could gift to the Diocese of Sioux City, for example. That property then turns into investment income for the Diocese, as they can rent or sell it and use the revenue for general operating costs.

 
Information contained here is not professional or legal advice. Consult a tax advisor about your individual tax situation.