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Not everyone wants to commit to making a gift in their wills or estates. Some prefer the increased flexibility that a beneficiary designation provides by using:
It is very simple to name NOVA Foundation as a beneficiary. Start by requesting a change-of-beneficiary form from your policy administrator or download the form from your provider's website. Make your desired changes and return the form to establish your gift.
Robert and Carol treasure the financial help they have been able to give their children and NOVA Foundation over the years. The couple recently updated their will to leave stocks and real estate to their kids. They left NOVA Foundation a $75,000 IRA to be transferred following their lifetime. Because NOVA Foundation is tax-exempt, all $75,000 will help support our mission.
If Robert and Carol had left the IRA to their children, approximately $18,000* would have gone to pay federal income taxes—leaving only $57,000 for their family's use. Robert and Carol are happy knowing they are making the most of their hard-earned money thanks to their updated estate plan.
*Based on an assumption of a 24 percent marginal income tax bracket.
Legal name: Northern Virginia Community College Educational Foundation
Address: 4001 Wakefield Chapel Road, Annandale, VA 22003
Federal tax ID number: 51-0249730
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