Make us a beneficiary of your IRA or other “non-probate” assets

The simplest type of planned gift is made by designating planned gifts by beneficiary designation. These gifts aren’t made in your will. They are made possible by updating the beneficiary on your insurance policy, retirement account or IRA. Simply indicate what percentage of your retirement accounts or insurance policy goes to your loved ones and what percentage goes to the Pi Kappa Phi Foundation.

Retirement Account: You can designate Pi Kappa Phi on all, or on a portion of, a retirement account, such as a 401(k), 403(b), or an Individual Retirement Account (IRA) by contacting the trustee at the company or bank that administers the funds. When you make a designation to Pi Kappa Phi from your retirement account, you retain possession of the total amount of the asset for as long as you need. The remainder is designated to the Pi Kappa Phi Foundation. Consult your accountant, tax adviser or attorney about the comparative advantages of leaving your retirement account funds to the Pi Kappa Phi Foundation.

Insurance Policy: You can designate the Pi Kappa Phi Foundation as a partial or full beneficiary of an insurance policy you no longer need or use. Often, you receive a benefit as well: Pi Kappa Phi receives the cash value of the policy, and you can claim the gift amount as a charitable gift tax deduction.

Qualified Charitable Distribution: Once you turn 70 1/2, you may start withdrawing money out of your IRA. This is known as a Qualified Charitable Distribution. At age 73, you must start withdrawing money out of your IRA. This is known as your Required Minimum Distribution. In either case, federal law allows you to make a direct charitable transfer from your IRA to a qualified charity like the Pi Kappa Phi Foundation. The law allows individuals who are 70 1/2 or older to donate gifts from their IRA accounts in any amount up to $100,000 each tax year. Your gift is not considered income, making it tax free. This applies to IRAs only, not 401(k) or 403(b) accounts.

Donor Advised Funds: Donors can support the Pi Kappa Phi Foundation with contributions directly from individual donor advised funds. You can designate the Pi Kappa Phi as a full or partial beneficiary of any remainder in a donor advised fund upon your (and your spouse’s) passing.

A non-probate asset is an account or other asset that won’t be governed by the decisions you make in a will. Instead, these accounts commonly have an assigned beneficiary that you choose. Types of non-probate assets include many retirement accounts, life insurance, some bank accounts and some assets (like a house or vehicle) that you jointly own with another person.

The most commonly gifted non-probate asset is an IRA or 401(k). This is because these accounts are always taxed (even for people below the estate tax threshold). Giving these accounts to charity keeps your heirs from having to pay unexpected taxes.

Yes! Even if you have a will in place you still need to designate beneficiaries for your non-probate assets.

Yes! Gifts of any size are deeply appreciated. Many people choose to leave a percentage of their estate, which scales up or down with your estate size.

No. You can usually make these easily and at no cost to you. 

Yes. You are always free to revise or update your estate plans.