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Tax-wise giving at no out-of-pocket cost is as easy as 1 – 2 – 3

Are you passionate about supporting Akron Children’s Hospital? Would you like to support the hospital after your lifetime? 

If you have a traditional IRA, a pre-tax retirement account at work, or a life insurance policy and you want to leave something to Akron Children’s when you pass away, you can easily name the hospital as a full or partial beneficiary. 

“Many people have built-up large sums of money through tax-deferred retirement plans,” said Tony Preziuso, CFP, a senior financial planner with VALIC. “Given a choice, charitably-inclined individuals may prefer to pass their tax-free assets on to their heirs and use their taxable assets to support charity.” 

“Tax-deferred assets are subject to federal and state income tax when left to individuals, which reduces the amount they receive,” continued Tony. “One hundred percent of those same assets, when left to a charity, will pass tax-free.”            

Designating Akron Children’s as a beneficiary of your IRA, pre-tax retirement accounts or life insurance policies is a tax-wise gift, doesn’t cost anything and can be done in 3 simple steps –

  1. Contact your plan administrator or insurance company and request a beneficiary designation form.
  2. Name Akron Children’s Hospital as the primary or contingent beneficiary of all or part of your life insurance proceeds or retirement account assets. Be sure to include the Federal Tax Identification Number, 23-7114013; and the address, One Perkins Square, Akron, OH 44308.
  3. Sign and date the beneficiary designation form and return it to the insurance company or retirement plan administrator.

Before making beneficiary designations, contact your plan administrator or financial institution to learn if any restrictions apply to gifting your retirement assets to charity. Your tax professional should also be consulted. If you are married, your spouse’s written consent may be required.

For more information about naming Akron Children’s as a beneficiary of your IRA, your pre-tax retirement account at work, or life insurance policy, contact Maureen Katanic, senior director for gift planning at Akron Children’s Hospital, at 330-543-8343 or mkatanic@akronchildrens.org.  

This information is general in nature and may be subject to change. All companies mentioned, their employees, financial professionals and other representatives are not authorized to give legal, tax or accounting advice. Applicable laws and regulations are complex and subject to change. Any tax statements in this material are not intended to suggest the avoidance of U.S. federal, state or local tax penalties. For advice concerning your individual circumstances, consult a professional attorney, tax advisor or accountant.

Securities and investment advisory services offered through VALIC Financial Advisors, Inc., member FINRA, SIPC and an SEC-registered investment advisor.  Annuities issued by The Variable Annuity Life Insurance Company. Variable annuities distributed by its affiliate, AIG Capital Services, Inc., member FINRA.

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