Beneficiary Designations
Your retirement plan and your insurance plan offer a convenient way to provide a legacy gift to the River Valley Regional Food Bank.
By gifting either retirement plan assets or insurance policies avoids any double taxation that your heirs would face if these assets were left to them with bequest instructions. As your life circumstances change, such options allow for an uncomplicated way to make modifications to your plans.
When you complete your beneficiary designation form provided by the institution where your account is held, name the “River Valley Regional Food Bank” as a full or partial beneficiary along with our federal tax identification number, 71-0388927.
Common designation options:
- Retirement plans [e.g., traditional IRA, Keogh, 401(k)]: Including the River Valley Regional Food Bank as a beneficiary enables the avoidance of substantial income taxes that would have been due if a retirement plan were left to non-spousal heirs. It is often recommended designate the “River Valley Regional Food Bank” as a beneficiary of a retirement plan over and above a will designation, which may jeopardize tax benefits.
Insurance policies: There are a number of ways you can name the River Valley Regional Food Bank as a beneficiary of an insurance policy, whether through your employer or through a separate policy that you hold.
For more information, please contact Heather Culnane, Finance Director, C-SCDC, (479) 785-2303, extension 119
