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
- Donor advised funds
- Life insurance policies
It is very simple to name Phillips Academy as a beneficiary. Start by requesting a change-of-beneficiary form from your policy administrator or download the form from your provider's website. Make your desired changes and return the form to establish your gift.
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An Example of How It Works
Phuan and Carol treasure the financial help they've been able to give their children and Andover over the years. The couple recently updated their will to leave stocks and real estate to their kids. They left the Academy a $75,000 IRA to be transferred following their lifetimes. Because Andover is a tax-exempt organization, all $75,000 will help support our mission.
If Phuan 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. Phuan 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% marginal income tax bracket.
Learn More
Download our guide Beneficiary Designations: Easy Ways to Leave Your Legacy.