An interesting shift has happened over the past decade as pension plans have become the exception, and 401k plans and IRA’s have become the rule. These portable retirement plans funded by individuals have allowed people to accumulate significant assets in their retirement accounts. Often these accounts represent an individual's largest pool of assets beyond their primary residence. Company matches and the fear of Social Security’s demise have also spurred people to save for the future.
This shift has actually made designating assets to an heir or beneficiary much simpler.
This was evidenced by a recent conversation I had with one of CFPA’s Board Members, Tom Degnan, who told me he named CFPA as the beneficiary of one of his IRA’s. He explained it was simple, an online change form, and he did so because of his commitment to CFPA’s mission. Tom is an experienced forester working at Burns & McDonnell and has firsthand experience of the impact that CFPA has had on Connecticut’s forests. Tom is a member of the Board, the Winslow Society and, now, the Heritage Society!
The other beneficiary change that can make a difference is making CFPA a beneficiary of a paid-up life insurance policy. The benefit of life insurance is that your annual premiums are converted into a lump sum payment at death that can support your family and philanthropic priorities. A simple beneficiary change can fund a major gift to support the forests, parks, and trails you love.
Go here to learn more about types of Planned Giving.