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Naming KAC on a retirement or other account, or on a life insurance policy, is a simple way to provide for KAC’s future without writing or re-writing your will or living trust. These assets will pass directly to KAC without going through the probate process. Please ask your retirement plan administrator or institution for the appropriate form.
The following are some common assets for which beneficiary designations may be made.
You can name KAC as a beneficiary of all or a specified percentage of your IRA, 401(k), 403(b) or other retirement plan. Because retirement assets are subject to both income and estate tax, they are often considered among the best assets to leave to charity. Individuals who inherit retirement plan assets must in most cases pay income tax on them.
As a charity, KAC would not pay taxes on these assets and would have full use of them.
There may be tax and financial planning implications in naming beneficiaries of a retirement plan, so you should consult with your attorney or tax advisor in arranging for the disposition of these assets.
Bank and Investment Accounts and Commercial Annuities
You may leave a legacy for KAC by naming us as a Transfer-on-Death (TOD) or Payable-on-Death (POD) beneficiary on a bank or investment account or a commercial annuity, where permitted by state law and the financial institution.
Life Insurance Policies
If you have a life insurance policy that is no longer needed for your family, designating KAC as a beneficiary offers a simple way to support our work.
How to Name KAC:
Ask your retirement plan administrator or institution for a change of beneficiary or other appropriate form. Please identify KAC on the form as follows:
Kenosha Achievement Center, Inc.
1218 79th Street, Kenosha, WI 53143-6111
Tax ID #:
Benefits of a Beneficiary Designation:
- The satisfaction of providing support for KAC’s programs far into the future
Easily accomplished through completion of beneficiary form
Income tax savings when retirement plan assets are used
Possible estate tax deduction
We hope that you will let us know when you have made a beneficiary designation for KAC so that we may thank you and include you in our Tomorrow Club.
These pages are intended to provide general information, not legal or tax advice. We recommend consulting with your lawyer or financial advisor about your individual circumstances.
For questions or to notify KAC of your beneficiary designation, please contact the KAC Development Office, 262-658-9508, or submit this email form.