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Beneficiary Designations

Naming NSPR as a beneficiary of one of your assets, such as your retirement plan or life insurance policy, is a convenient way to ensure we can continue to serve our audience. All it takes are a few minutes and a simple form.

Easy Ways to Leave Your Legacy

Many don’t realize that retirement plans, IRAs, life insurance, donor advised funds and commercial annuities are not affected by a will. These accounts are dispersed according to beneficiary designations. The forms are often easier to update than a will, making them simple ways to leave a legacy.

  1. Retirement Plan or IRA | Typically this is the largest source of taxable income when paid to a beneficiary. If you are considering a gift, it is usually better to leave taxable assets like retirement plans to NSPR and give other assets like stocks or real estate to loved ones.
  2. Life Insurance | A gift of life insurance is a good way to maximize your impact. By naming NSPR as beneficiary, your small premium payments transform into a sizable gift. Plus, it is revocable at any time if your plans change.
  3. Donor-Advised Funds | A donor-advised fund (DAF) gives you the flexibility to recommend how much and how often money is granted to NSPR and other charities. You can transfer cash or other assets to a community foundation, brokerage house or other sponsoring organization, and in return, you qualify for an income tax charitable deduction for gifts to your DAF.
  4. Commercial Annuity | Annuities are tax-heavy assets. Income tax is due on the growth of the annuity—in other words, what its value is worth when you die over what you paid for it. The tax burden makes these assets another popular choice to leave to a tax-exempt organization like NSPR.

How to Make It Happen

Making NSPR the beneficiary of your retirement plan assets, IRA, life insurance or commercial annuities is easy:

  1. Contact the institution that controls the asset for a change-of-beneficiary form. Many have the forms on their website available for download.
  2. Decide what amount of the account value you would like NSPR to receive, between 1-100 percent.
  3. Name NSPR as the beneficiary.
  4. Return or submit the form as directed by the institution.
  5. Notify the beneficiaries so they can claim the proceeds at the appropriate time.