One of the easiest ways to leave a Legacy Gift is through a beneficiary designation. Most IRAs, retirement accounts (such as a 401k), annuities, brokerage accounts and life insurance policies have a beneficiary form – many are now online. You can simply fill out the form naming Texas Pride Impact Funds, a component of the Dallas Foundation, a 501(c)(3) publicly supported charity, Federal Tax ID 81-4143670 as a beneficiary of some or all of your account. You do not need a lawyer for this. And you can revise your beneficiaries at any time.
An advantage of this type of gift is that these assets pass outside probate. In addition, there may be tax savings for assets in your pre-tax IRAs and retirement accounts. If left to individuals (other than a spouse), such assets may subject your heirs to required distributions taxed at their ordinary income tax rate. It may be more tax-advantaged to leave other types of assets to your heirs and gift pre-tax retirement assets to TPIF.
To designate Texas Pride Impact Funds as a beneficiary of a qualified retirement plan or other financial account, please use the following information:
Legal Name: Texas Pride Impact Funds
Federal Tax ID Number: 81-4143670
Address: P.O. Box 66007, Houston TX 77266