Naming the Institute for Agriculture and Trade Policy (IATP) as a beneficiary is a smart way to provide a future gift to IATP with minimum planning and paper work.
It's a simple process that can provide a legacy to your generosity. Life insurance policies that you no longer need for their original purpose (for example, your children are now grown) make excellent vehicles for beneficiary designation. The same is true for IRA accounts or 401 (k) or TDA accounts—any investment or policy you have that permits a beneficiary designation is perfect for this purpose
Making a future gift to IATP by using a beneficiary designation is very easy. You simply name the Institute for Agriculture and Trade Policy as the beneficiary. The best way to do this is in writing and by visiting with your financial adviser, insurance agent, accountant or banker who handles your financial affairs. Be sure to get and keep a copy of the beneficiary designation for your records. If you're willing to share, we would appreciate a copy here at IATP, but it's not essential for us to have a copy.
An added bonus: an IRA or 401 (k) retirement account that would be heavily taxed if it passed to other heirs will pass 100% tax free to the Institute for Agriculture and Trade Policy since we are a charitable organization. In addition to providing a nice gift to IATP you will also be preserving 100% of your hard-earned money. Although tax laws are always changing, the only current way you can guarantee the preservation of 100% of your IRA or 401 (k) or 403 (b) assets is to designate a charity as the beneficiary. All other ways might involve some significant penalties and/or the payment of unanticipated taxes.