IRA and DAF Beneficiaries

If you already have an IRA or a Donor Advised Fund (DAF), then an easy and quick way to leave a gift to SFNW is by using the beneficiary designations on those accounts to name Sound Foundations NW, EIN 85-3697725, as the full or partial beneficiary of your account. This can usually be done in about ten minutes. If these accounts do not have designated beneficiaries, then when you pass, the accounts may become part of your estate or may even revert to the DAF Administrator. Also, especially for IRA accounts, this may have tax implications for those who inherit your estate.

But instead, by leaving a gift to Sound Foundations NW or another qualified charity by naming us as a beneficiary, all or some of the account will become a direct gift immediately upon your passing thereby assuring the value passes to your charity of choice. A national financial advisory firm explains the benefits of Naming a Charity as a Beneficiary of Your IRA on their website, here.

Please consult your own tax and financial professionals for your specific situation. When you’re ready, you may find links to info on changing your beneficiary designations for some of the largest DAF and IRA administrators below. Once you’ve made the changes, please email our Development Director and let us know that you’ve created a lasting gift that will provide shelter and dignity for our neighbors who would otherwise be homeless. Thank You!

Bequests – a Gift in Your Will

A gift in your will to Sound Foundations NW, EIN 85-3697725, creates a legacy of shelter, dignity, and compassion for our neighbors who are homeless, by helping us continue the success of the tiny home program. Every tiny home you fund with your generosity will shelter up to fifty neighbors, over twenty years, who would otherwise be on the streets.

A bequest is the legal term for property or assets that a person leaves to a beneficiary through a will. A bequest only takes effect after the donor passes away so the donor may update or cancel the bequest at any point while they’re still alive. Bequests to charities or qualified nonprofits, like Sound Foundations NW, ensure that the full amount of your intended gift reaches us, without being reduced by taxes. Bequests also reduce the overall value of your estate which may help reduce or eliminate estate taxes. The national financial firm, Fidelity, explains how Bequests Combine Philanthropy and Tax Benefits here.

To avoid confusion after your death, you should work with an estate planning attorney to write your bequest clearly and to follow the laws in your state. Or, you can use online services like FreeWill or RocketLawyer to create clear, and legally valid wills and other documents, often for free.

Please consult your own tax and financial professionals for your specific situation. Once you have created your gift, please email our Development Director and let us know that you’re including us in your will so we may be sure to celebrate your compassion as appropriate. Thank You for continuing to care for our neighbors who are homeless, well into the future!