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BENEFICIARY DESIGNATION TOOL

Make a Future Gift of Retirement Assets

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IRA web page

Notify us of your beneficiary designation gift

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Thank you for considering a beneficiary designation gift to us. The website link will take you to your retirement plan custodian's website, where you may be able to log in and include United Way of Santa Barbara County as a designated beneficiary. Another option is to use the phone number to call your retirement plan custodian. They will assist you in updating your beneficiary designation. If you would like to notify us of your generous beneficiary designation, please complete the Notify us of your Beneficiary Designation section.

Your Name

Your Address (Street or P.O. Box)

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Notify us of your IRA gift

Your Email

Comments

Thank you for considering a IRA gift to us. A sample letter is available to send to your DAF provider. You may save and print the PDF of your letter. If you have email contact information for your DAF provider, you may send a PDF copy of your DAF letter or you may copy and paste the text into an email. You will need to enter the amount of your recommended grant and your DAF account number on the letter before mailing. If you would like to notify us of your generous gift, please complete the Notify us of your DAF Gift section.

Beneficiary Designation Gifts

A beneficiary designation gift is a simple and affordable way to make a gift to support United Way of Santa Barbara County. You can designate us as a beneficiary of a retirement, investment or bank account or your life insurance policy.

Donor

Designation Form

Account Custodian

Property
(IRA/Investment)

UWSBC

Naming United Way of Santa Barbara County as a Beneficiary of your IRA

IRA Beneficiary Designation Gifts are Simple, Tax-Smart & Affordable.If you want to make a gift to United Way, but are also concerned about your current and future needs, consider an IRA beneficiary designation gift - a gift that comes later. This is a simple, tax-smart and flexible way to give. Talk to your financial advisor about using your traditional IRA to make a future gift to United Way by naming United Way of Santa Barbara County as a beneficiary. This type of account is taxed when given to loved ones, but is not taxed when given to a charity. Talk to your advisor about giving gifts to loved ones using other assets.

How an IRA beneficiary designation gift works:

Contact your IRA plan administrator to make a gift from your IRA to United Way of Santa Barbara County. Use the Make a Future Gift Of Retirement Assets tool to find directions specific to your IRA plan administrator.
Complete the required information, sign it, keep a copy for yourself and submit the information.
Upon your passing, your IRA will be distributed consistent with the beneficiary designation.

Continue to use your IRA as an income source:

Your IRA is primarily an income source for you as you age. You will continue to take distributions from your IRA annually. You may spend the entire value of your IRA during your life-time, or there may be something left to distribute after you pass.

IRA beneficiary designations do not belong in wills or trusts:

It is very important to understand that beneficiary designations are NOT part of your will or trust. Your IRA administrator will not be influenced by anything in your will or trust, what your spouse or kids say, or what your trustee says. The most recent IRA beneficiary designation form signed and submitted determines who will inherit your IRA, so it is very important to make sure this designation is up-to-date.

Keep a copy of your beneficiary designations:

It is also important that you keep a copy of your designation with your important papers, so that years from now, you have a record of your designation. Often times, if you request information about your beneficiaries from your IRA company, they will not share that with you, but will instead ask you re-submit the beneficiaries. So keeping a copy can save you some extra work.

Naming multiple and backup beneficiaries:

You can name United Way of Santa Barbara County (UWSBC) as a "full" or "partial" beneficiary of your IRA. For example, you could donate 70% to one beneficiary and 30% to another. You can also name UWSBC as a "contingent" beneficiary—a backup plan—in case the primary beneficiary is unable or unwilling to accept the gift. This could happen if the primary beneficiary dies, cannot be found or refuses the gift.

Benefits of a beneficiary designation gift

Support United Way of Santa Barbara County
Continue to use your account as long as you need to
Simplify your planning and avoid expensive legal fees
Reduce the burden of taxes on your family
Receive an estate tax charitable deduction

How a beneficiary designation gift works

To make your gift, contact the person who helps you with your account or insurance policy, such as your broker, banker or insurance agent.
Ask them to send you a new beneficiary designation form.
Complete the form, sign it and mail it back to your broker, banker or agent.
When you pass away, your account or insurance policy will be paid or transferred to United Way of Santa Barbara County, consistent with the beneficiary designation.

Important considerations for your future

If you are interested in making a gift but are also concerned about your future needs, keep in mind that beneficiary designation gifts are among the most flexible of all charitable gifts. Even after you complete the beneficiary designation form, you can take distributions or withdrawals from your retirement, investment or bank account and continue to freely use your account. You can also change your mind at any time in the future for any reason, including if you have a loved one who needs your financial help.

Most beneficiary designation forms are very flexible. You can name United Way of Santa Barbara County as a "full" or "partial" beneficiary of your account or life insurance policy. You can also name United Way of Santa Barbara County as a "primary" or "contingent" beneficiary

Beneficiary designation gifts allow you to provide for family and support the causes that matter most to you. With a designation form you could, for example, name your spouse as the "primary" beneficiary and each of your children and United Way of Santa Barbara County as "partial contingent" beneficiaries. With this arrangement, if your spouse survives you, he or she would receive the account. If not, the account or policy would be paid out to your children and United Way of Santa Barbara County in whatever shares (or percentages) that you chose on the designation form.

Terminology

Beneficiary designation gifts are simple and straightforward. Common terminology includes "beneficiary designation" but also includes "payable on death" or "transfer on death."

The term "beneficiary designation" is most commonly used when naming beneficiaries of retirement plans or life insurance policies.

The term payable on death (or "POD") typically involves the designation of a beneficiary of a checking account, savings account or certificates of deposit.

Transfer on death (or "TOD") often involves the designation of a beneficiary of stocks, bonds or mutual funds.

Contact us

If you have any questions about leaving a beneficiary designation gift to us, please contact us. We would be happy to assist you.

If you have already designated us as a beneficiary of an asset or as part of your estate plan, please let us know. We would like to recognize you and your family for your gift. Your gift may qualify you to become a member of our Heritage Club.

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