Naming Us as a Beneficiary

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A beneficiary designation can easily direct some of your assets to Bon Secours Mercy Health Foundation

One of the simplest ways to make a gift to BSMH Foundation is to designate us to receive your assets at the end of your lifetime. You can specify all or a percentage of the assets each beneficiary will receive. Often, it's as easy as filling out a form.

The following financial assets are options for giving through beneficiary designations:

Retirement account assets

Designating BSMH Foundation as the beneficiary of your retirement account assets is an alternative to a bequest without modifying your will or living trust. Simply complete a beneficiary designation form with your plan administrator.

Using retirement assets is a tax-wise way to make an estate gift because, if left to individuals, will be subject to income tax when they receive distributions which must take place within 10 years for most non-spouses, potentially pushing your beneficiaries into higher income tax brackets. If you give retirement assets to a tax-exempt organization such as BSMH Foundation, 100 percent of the assets will be available for its charitable purposes. A tax-efficient strategy is to leave other types of assets—cash, securities or real estate—to your heirs and give the more heavily taxed retirement assets to the Foundation.

Note: Directing your retirement assets to both charitable and noncharitable beneficiaries can accelerate the income tax. Always consult with your advisors before naming the beneficiaries of your retirement assets.

Life insurance

You can designate BSMH Foundation as the beneficiary of all or a portion of the death benefit of your life insurance policy. Ownership of the policy can be transferred to the Foundation as well, producing an immediate income tax charitable deduction for the value of the policy and future deductions if you continue to pay premiums on the policy.

Other assets

Commercial annuity contracts: Designate the BSMH Foundation as a beneficiary to receive all or part of a commercial annuity’s remaining value at the end of an annuitant’s lifetime by completing a form from the insurance company.

Bank accounts: Complete a beneficiary designation form to instruct your bank to pay all or a portion of what remains in a checking or savings account to BSMH Foundation.

Investment accounts: Ask your investment advisor to help you with the process of instructing your investment company to transfer to BSMH Foundation some or all investments held in the account at the time of your passing. It may be as simple as adding BSMH Foundation to the name on the account.

Beneficiary Designation Reference Guide

This printable sheet summarizes important details that can help you in planning beneficiary designations for your loved ones and for your favorite charities like Bon Secours Mercy Health Foundation. Print or save the brochure to guide future consultations with your professional advisors.