Beneficiary Designations

Beneficiary Designations

Leave a lasting legacy for West Lafayette's parks and recreational spaces through a beneficiary designation. By naming the West Lafayette Parks and Recreation Foundation as a beneficiary of an eligible financial account or policy, you can support future park improvements, conservation efforts and recreational opportunities without affecting your finances today.

Beneficiary designations offer a simple, flexible way to make a meaningful charitable gift while maintaining control of your assets during your lifetime.

Why Consider a Beneficiary Designation?

Naming the Foundation as a beneficiary offers several potential benefits:

• Simple to establish: Make a charitable gift without revising your will or living trust.
• Flexible planning: Update or change your beneficiary designation as your circumstances or priorities evolve.
• Maintain control: Continue to manage and use your assets throughout your lifetime.
• Potential tax benefits: Depending on the type of account and your circumstances, charitable beneficiary designations may provide income or estate tax advantages.
• Create a lasting impact: Provide future financial support for parks, programs and recreational opportunities throughout West Lafayette.

How It Works

You can designate the West Lafayette Parks and Recreation Foundation, Inc. as a primary or contingent beneficiary of an eligible account or financial asset. Depending on your provider, you may also choose to leave a specific percentage of the account to the Foundation.

Common options include:

• Individual Retirement Accounts (IRAs) and qualified retirement plans
• Donor-advised funds, subject to sponsoring organization policies
• Life insurance policies
• Bank and savings accounts with payable-on-death designations
• Brokerage and investment accounts with transfer-on-death designations

Getting Started

1. Request a beneficiary form: Contact your financial institution, retirement plan administrator or insurance provider to obtain the appropriate form.
2. Name the Foundation: Designate West Lafayette Parks and Recreation Foundation, Inc. as a beneficiary and specify the percentage you would like to contribute.
3. Submit your designation: Return the completed form to your provider according to its instructions.
4. Let us know: Consider contacting the Foundation to share your charitable intentions so we can thank you and discuss any specific goals you have for your future gift.

Plan Your Legacy

A beneficiary designation is a meaningful way to support the future of West Lafayette's parks while keeping your financial plans flexible. Whether your gift is large or small, your generosity can help preserve green spaces, enhance recreational opportunities and strengthen our community for generations to come.

We encourage you to consult with your financial advisor or legal counsel to determine the best approach for you and your family.

Interested in making a lasting impact? Contact the West Lafayette Parks and Recreation Foundation to learn more about beneficiary designations and planned giving opportunities.

Please note: This information is provided for general educational purposes and does not constitute legal, financial or tax advice. Tax benefits depend on individual circumstances, applicable laws and the type of beneficiary designation. Consult your attorney, tax professional or financial advisor before making a planned gift.