Naming ICCF as a beneficiary on a retirement account or life insurance policy is a simple way to provide for ICCF’s future without writing or re-writing your will.
“ICCF has always been one of our favorite charitable organizations. It is a wonderful force for good in our community a and beacon of hope for those who are homeless. It has been an important part of our giving in the past, and now, in retirement we are blessed to be able make it a major part of our planned giving.”
Jack & Joan Bosscher
Giving a Gift from Your Retirement Account
Many donors name ICCF as a Beneficiary of either a specified percentage or the entire amount of their IRA, 401(k), 403(b), or other retirement plan. Because family members who inherit these pre-tax retirement plan assets are usually required to pay income tax on them, these assets are often considered among the best assets to leave to charity.
You can name ICCF as the sole or a partial Primary Beneficiary of a retirement account. Or, you can name ICCF as a Contingent Beneficiary, in which case ICCF will receive the specified proceeds only if your Primary Beneficiary predeceases you. In both cases, you can change your beneficiary designations in the future if your circumstances change.
IRA CHARITABLE ROLLOVER GIFTS
If you are 70 ½ and older, you are required to annually withdraw a specified percentage from your tax-deferred Individual Retirement Accounts (IRAs). This “Required Minimum Distribution” (RMD) is taxable income in the year it is received. However, using an “IRA Charitable Rollover,” you can contribute all or a portion of the RMD to qualified 501(c)(3) charities without having to claim these contributions as income for federal income tax purposes.
Many of our most faithful long-standing donors choose to give contributions to ICCF in this way. For more information about IRA Charitable Rollover Gifts, contact Barnabas Foundation, or your IRA plan administrator.
Giving a Life Insurance Gift
You can name ICCF as the sole or partial Primary Beneficiary of your life insurance policy, while retaining the right to change that beneficiary designation if your family needs or circumstances change. You can also name ICCF as a Contingent Beneficiary, in which case ICCF will receive its share only if your Primary Beneficiary predeceases you. To do so, contact your insurance company or agent and request a Beneficiary Designation form or download the form from your provider’s website. Complete the form and mail it back to the insurance company, making sure you keep a copy for your own records.
It may also be possible for you to name ICCF as the policy owner and beneficiary of a paid-up whole life policy. Giving such a policy to ICCF qualifies you for a federal income tax charitable deduction for the lower of the policy’s fair market value or your cost basis. Check with your estate planning counsel and/or one of the advisors at Barnabas Foundation for more information about your own specific circumstances.
Giving a Gift from Your Investment Accounts and Commercial Annuities
You can also leave a legacy gift by naming ICCF as a Transfer-on-Death (TOD) or Payable-on-Death (POD) Beneficiary on a bank or investment account, or a commercial annuity. Check with your financial institution to see if this option is available to you.
Naming ICCF as a Beneficiary
Ask your retirement plan administrator, life insurance agent, or financial institution for a Change of Beneficiary form. To assure that your intentions are carried out, list ICCF as follows when filling out the form:
Inner City Christian Federation
920 Cherry St. SE
Grand Rapids, MI 49506
Federal Tax ID #:
Stay in touch
Please let us know when you’ve made a Beneficiary Designation for ICCF so that we can thank you and include you in the ICCF Legacy Society.