Retirement account assets
By naming Ascension Wisconsin Foundation as the beneficiary of your retirement account assets, there is no need to modify your will or living trust. All you need to do is complete a beneficiary designation form with your plan administrator.
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Why retirement account assets?
A gift of retirement assets has the added advantage of being a very taxwise way to make an estate gift. If left to individuals, your retirement assets will be subject to income tax when they receive distributions and, for most non-spouses, those distributions must take place within 10 years. If you give your retirement assets to a tax-exempt organization such as Ascension Wisconsin Foundation, 100% of the retirement assets will be available for charitable purposes.
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Note: Directing your retirements assets to both charitable and noncharitable beneficiaries can accelerate the income tax. Always consult with your tax advisors before naming the beneficiaries of your retirement assets.
Life insurance
You may also use a life insurance policy to make a lasting impact across Ascension Wisconsin. To do this, it's typically as simple as completing a form with the insurance company designating Ascension Wisconsin Foundation as the beneficiary of all, or a portion of, the death benefit of your life insurance policy.
As an alternative to naming Ascension Wisconsin Foundation as the beneficiary, you can transfer ownership of the policy. Transferring ownership of the policy can produce an immediate income tax charitable deduction for the value of the policy and future income tax deductions if you continue to pay premiums on the policy.
Other assets
Commercial annuity contracts: a commercial annuity will sometimes have a remaining value at the end of the annuitant's lifetime. You can name Ascension Wisconsin Foundation to receive all or part of this amount by designating us as a beneficiary (sole or partial) on the appropriate form from the insurance company.
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Bank accounts: you can instruct your bank to pay Ascension Wisconsin Foundation all or a portion of what remains in a checking or savings account. Your bank can provide you with the appropriate beneficiary designation form.
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Investment accounts: you can instruct your investment company to transfer some or all investments held in the account to Ascension Wisconsin Foundation at the time of your passing. Your broker or agent can help you complete the process, which may be as simple as amending the name on the account to include Ascension Wisconsin Foundation.