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:
It only takes three simple steps to make this type of gift. Here's how to name American Academy of Ophthalmology Foundation as a beneficiary:
Robert and Carol treasure the financial help they've been able to give their children and the Academy Foundation over the years. The couple recently updated their will to leave stocks and real estate to their kids. They left the Academy Foundation a $75,000 IRA to be transferred following their lifetime. Because the Academy 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.
Legal Name: Foundation of the American Academy of Ophthalmology
Address: 655 Beach Street, San Francisco, CA 94109-1336
Federal Tax ID Number: 94-2682387