Legacy Giving: Retirement Plan & Insurance Beneficiary Designations

In addition to bequests made via a will or trust, bequests can also be designated through retirement accounts such as an IRA (individual retirement account). An IRA bequest enables your gift to be rendered to the Washington Trust outside of your estate, therefore avoiding estate taxes. Your beneficiaries can take advantage of estate tax charitable deductions, while the full value of the IRA bequest is transferred to the Washington Trust tax-free.

Similarly, if your life insurance policy is no longer needed to support your beneficiaries, it can be turned over as a charitable gift. By naming the Washington Trust as a beneficiary, the policy will be included in your taxable estate and you will receive an estate tax charitable deduction for the value of the gift.

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