You can designate MLR as the full, partial, or contingent beneficiary of a variety of financial accounts. This is way to include MLR in your estate planning that affords you maximum flexibility and control over these assets during your life. Typically, all that you need to make this type of gift is to obtain and complete a Designation of Beneficiary Form from whoever holds your account: your retirement plan administrator, your insurance agent, or your bank or broker. Mail the completed form back to MLR and keep a copy for your records. These beneficiary designations pass along these assets separately from your will, and can be modified at any time if your circumstances change, which makes this option an extremely easy and flexible way to plan for a lasting conservation legacy. Common accounts with beneficiary designations include:
- IRAs and other Retirement Plans
- Life Insurance Policies
- Commercial Annuities
- Bank Accounts
- Investment Accounts
Retirement plans can be an especially attractive asset to use for charitable giving, because many of these funds will not pass to your heirs tax-free, unlike most other types of assets such as real estate, cash, or securities. MLR, on the other hand, as a tax-exempt organization, will be able to utilize their full value. By leaving these taxable assets to us and leaving non-taxable assets to your loved ones, you can ensure you will take care of your friends and family while ensuring maximum conservation impact.
Making a beneficiary designation through your life insurance plan can also be an effective way to include MLR in your overall financial and estate planning. By naming MLR as a full or partial beneficiary of your life insurance policy, the benefits from your policy pass to us free of federal estate tax after your lifetime. You may be able to make a substantial gift at a low cost, especially if your circumstances have changed since you initially purchased your policy and you no longer need it to secure your family’s financial well-being.