Life insurance policies and tax-deferred retirement-plan assets are two of the simplest assets to give away.Just contact the administrator of your retirement plan or your insurance carrier and request a new beneficiary-designation form. You may direct that we receive all or a portion of the asset simply by adding RCI to the form and signing your name. If you change your mind about the gift, simply request a new beneficiary-designation form.
Just as you can name RCI as a beneficiary of a life insurance policy or retirement-plan asset, you may designate RCI as a beneficiary of your brokerage account. This relatively new planning option is known as a transfer-on-death (TOD) arrangement.A TOD plan allows you to pass securities directly to RCI upon your death, bypassing probate. This method of registering securities also avoids needing any action by the executor or administrator of your estate. State law governs the registration of securities in the names of their owners, and most states have adopted TOD legislation. Please ask your broker or financial advisor about your state’s applicable laws.
In most states a Totten trust can be set up with a form available from a bank, and it works like this: You place money in a bank account with instructions that upon your death whatever is in the bank account will pass to a named beneficiary. Any account value qualifies – there is no minimum requirement.Because the Totten trust beneficiary has no immediate rights in your account, it is much safer than converting the account to joint tenancy. (A joint owner would have immediate access to the account funds, and the account would be vulnerable to the joint owner’s creditors.) A Totten trust can be amended or revoked at any time. Unlike assets transferred under a will, assets in a Totten trust do not pass through probate court.To make a gift to us through a Totten trust, simply name RCI as the beneficiary of your bank account.
A “living trust” (also called an “inter vivos” trust) is simply a trust you create while you’re alive, rather than one that is created at your death. A trust is an arrangement under which one person, called a trustee, holds legal title to property for another person, called a beneficiary. You can be the trustee of your own living trust, keeping full control over all property held in trust, naming RCI as beneficiary.
Endow Your Annual Gift: Leave a Permanent Legacy
An endowed fund can both ensure the continuation of your current giving levels and provide for increases to account for inflation. Here’s how: If an endowed fund can earn 4% more than the amount distributed, the fund – and its annual distribution – will continue to grow.
For more information, contact us via email or call 631-581-0200.
To send a gift by mail:
Renewable Community Initiative, Inc.
PO Box 868
Remsenburg, NY 11960
Renewable Community Initiative, Inc. is exempt from Federal income tax under section 501(c)(3) of the Internal Revenue Code. Donations are tax deductible and appreciated. Our tax documents are linked below: