Beneficiary Designation

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

Just name West Suburban Community Pantry as a beneficiary to receive assets such as retirement plans and life insurance policies after you’re gone. You simply fill out a form that is entirely separate from your will—which makes this approach an easy way to give.

Not only is it an easy way to give, but it’s also flexible—you aren’t locked into the choices you make today. You can review and adjust beneficiary designations anytime you want.

How to fund your gift

Retirement Plan Assets

The full value of your IRA, 401(k), 403(b) or other qualified plans is subject to federal and state estate taxes at your death and the distributions from these accounts are subject to federal and applicable state income taxes. Instead, consider naming a charity as a beneficiary of all or a portion of your plan.

Life Insurance

By naming West Suburban Community Pantry as a beneficiary of all or a portion of your life insurance policy, you support our work while retaining the ability to change your gift if your plans change.

Commercial Annuities

A portion of the distributions from commercial annuities is subject to income tax for non-charitable beneficiaries. Naming West Suburban Community Pantry as a beneficiary of all or a portion of your commercial annuity will allow us to receive the assets you designate to us completely tax-free.

Bank Accounts, Certificates of Deposit or Brokerage Accounts

You can name West Suburban Community Pantry as beneficiary of your bank accounts, CDs and brokerage accounts by designating your account as Payable on Death (POD) or Transfer on Death (TOD) to us.

 

Contact Eric Gardner in our Development Department for information at 630.948.8136

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