Do you have life insurance policies or retirement plan accounts? The distribution of these assets is determined through a form designating a beneficiary when the plan or account is created. See how much you know about beneficiary designations with this test.
Q: Once I assign the beneficiaries for my retirement account, life insurance policy, or investment account, I never need to think about this again. TRUE or FALSE?
A: FALSE. Events in your life, such as the birth of grandchildren, moving to another state, losing a loved one, etc., can affect your current beneficiary designations. It’s wise to review them occasionally to ensure they reflect your intentions for your loved ones and charitable interests, like the Boys and Girls Club East County Foundation.
Q: It’s a simple process to add or change a beneficiary designation. TRUE or FALSE?
A: TRUE. It may be as easy as going online to make the change electronically or filling out and signing a basic form and mailing it to the institution (insurance company, retirement plan administrator, or financial entity). Contact your plan or account administrator for more information.
Q: I can list multiple beneficiaries to receive these assets. TRUE or FALSE?
A: TRUE. Many choose to leave these assets to their spouse or other loved ones. However, there may be certain tax implications for your heirs. As you are making your plans, you may want to consider using one or more of these accounts to make your charitable gifts to the BGCEC Foundation and use other assets to provide for your family.
Want more details?
Consult your advisors regarding the specific details of the charitable gift methods mentioned above. We are happy to assist you if you have any questions about including the BGCEC Foundation in your plans!
Find Out More!
Please contact your advisor for help with questions about your estate plans.
For more information about the Boys and Girls Clubs of East County Foundation, please call
619-440-1600 and ask for our Executive Director, Forrest Higgins.