You can designate Overlake Medical Center Foundation to receive some or all of the value remaining at the end of your life in connection with a financial account, investment, or similar arrangement. Possibilities include:
• a bank account or certificate of deposit
• a brokerage account
• an IRA or a qualified retirement plan, such as a 401(k) account
• a life insurance policy
• a commercial annuity contract
Making this type of gift is quite simple. First, obtain a beneficiary designation form from the applicable financial institution. Often, you can do this on the Internet. Next, complete the form. Be sure to use the legal name “Overlake Medical Center Foundation” and, if requested, provide the Foundation’s Employer Identification Number, 91-1050325. Finally, simply return the form to the financial institution.
Why make a charitable beneficiary designation?
• Superior simplicity and flexibility – It’s even easier to set up – and revise, if necessary – than a charitable bequest.
• Probate avoidance – A bequest made through your will must go through probate, a process that can be time consuming and expensive. By contrast, with a beneficiary designation your assets can be transferred to your beneficiaries quickly and efficiently in the weeks after your passing.
• Tax savings – A beneficiary designation features not only the same federal and state estate tax benefits as a bequest, but in some cases can produce income tax savings for your heirs if your estate plan provides both for loved ones and for a charitable organization.
See an example of a beneficiary designation.
If you have a question or wish to get in touch with someone at Overlake regarding a possible planned gift, please contact Stephanie Stewart, Director of Planned Giving, by email or at 425-688-5452.
The information on this website does not constitute legal, financial, tax, or estate planning advice and should not be relied upon as a substitute for such advice. Overlake encourages you to seek the counsel of your own professional advisors and values their involvement as you determine how you would like to proceed.