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You can name JDRF as irrevocable owner and beneficiary of an existing life insurance policy that you no longer need, or you can simply retain ownership of your policy and designate JDRF as a beneficiary. You can also purchase a new policy to benefit JDRF.
Another option is to name JDRF the beneficiary of your IRA or pension plan. Individuals who inherit these assets are highly taxed and after income and estate taxes, the IRS may take up to 65 percent of the original value. Nonprofits, however, are not subject to the same tax rules and will inherit the full amount of the assets tax-free. As such, those who wish to include JDRF and heirs in their plans may consider leaving retirement assets to JDRF and leave other assets to heirs.
Making a gift in this manner does not require an attorney. Simply obtain a beneficiary designation form from your account administrator and name JDRF as a beneficiary.
Gift of Life Insurance
Gifts of Retirement Assets
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