Make a Gift in 3 Easy Steps
Not everyone wants to commit to making a gift in their wills or estates. Some prefer the increased flexibility that a beneficiary designation provides by using:
- IRAs and retirement plans
- Life insurance policies
- Commercial annuities
It only takes three simple steps to make this type of gift. Here's how to name Westminster Canterbury Foundation as a beneficiary:
- Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form.
- Decide what percentage (1 to 100) you would like us to receive and name us, along with the percentage you chose, on the beneficiary form.
- Return the completed form to your plan administrator, insurance company, bank or financial institution.
An Example of How It Works
Robert and Carol treasure the financial help they've been able to give their children and Westminster Canterbury Foundation over the years. The couple recently updated their will to leave stocks and real estate to their kids. They left Westminster Canterbury Foundation a $75,000 IRA to be transferred following their lifetime. Because Westminster Canterbury Foundation is tax-exempt, all $75,000 will help support our mission.
If Robert and Carol had left the IRA to their children, approximately $18,000* would have gone to pay federal income taxes—leaving only $57,000 for their family's use. Robert and Carol are happy knowing they are making the most of their hard-earned money thanks to their updated estate plan.
*Based on an assumption of a 24 percent marginal income tax bracket.
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- Contact Anita E. Adkins at 804.264.6202 or AAdkins@wcrichmond.org for additional information on beneficiary designations and how they can help support Westminster Canterbury Foundation with our mission.
- Talk to your financial or legal advisor to learn which assets will or will not trigger taxable income when paid to a beneficiary.
- If you name Westminster Canterbury Foundation in your plans, please use our legal name and federal tax ID.
Legal Name: Westminster Canterbury Foundation
Address: 1600 Westbrook Avenue, Richmond, VA 23227
Federal Tax ID Number: 52-1189655
Download our FREE guide Beneficiary Designations: The 3 Easiest Ways to Leave Your Legacy.View My Guide