Naming Galesburg Community Foundation as a beneficiary of your retirement plan or life insurance policy is not only easy to do, it’s also a way to make a significant and lasting gift to our community that may not be possible during your lifetime.
One of the most tax-efficient ways to give back to your community is by designating the Community Foundation as a beneficiary of your retirement plan, whether it is a 401(k), 403(b), IRA (individual retirement account), or other qualified retirement programs. Estate taxes may be due in addition to the taxes your heirs may pay on the income in respect to the decendent (IRD). For these reasons, many advisors recommend retirement plan assets as the first to be designated for charitable purposes.
Although your retirement plan beneficiary form overrides your will, it is important that both documents are up-to-date and consistent.
To learn more about beneficiary designations, call Sarah Grant, Director of Development, at 309.344.8898.
Charitable Giving Coordinator
Haley provides support to enhance the function and success of the Charitable Giving and Affiliate Teams. She ensures donors receive a personal approach to philanthropy through outstanding customer service by supporting charitable giving for donors and fund holders across the state.
