Keith has been a faithful supporter of a local charitable organization and makes regular gifts to support its work. Recently, Keith talked to our staff at the Jewish Community Foundation and expressed his interest in naming his favorite charity as a beneficiary of his estate, but he wanted to keep the process as simple and inexpensive as possible.
Keith: I love volunteering in the community. It really gives me a sense of joy and fulfillment, and I try to make annual gifts as well. As a donor, I want to leave a meaningful gift to JCF in my estate plan, to benefit the community.
One day, Keith talked to Sharon, another one of our volunteers. Sharon told Keith that she recently made a "payable on death" or "POD" gift to Jewish Community Foundation, Inc.. Keith asked Sharon to explain how the gift works. Sharon told Keith that with a POD gift, he could contact his bank or credit union and request a POD beneficiary designation form. By filling out the form and sending it back to his credit union, Keith could direct the credit union to pay the balance of any account he designates to JCF when he passes away.
Keith: Sharon shared a lot of great information about POD gifts. I decided to name JCF as the payable on death beneficiary of two accounts at my bank. Not only was the process simple — it didn't cost a thing. I also liked that a POD gift gives me flexibility-I still own the accounts and can use the money in those accounts if my needs ever change. When the time comes, the JCF will receive the balance of the accounts, and launch an endowment fund in my name. I'm proud to be able to leave a legacy for the community, and this was an effective way to make it happen.
Is a payable on death (POD) gift right for you?
If you would like to leave a gift to our organization that is simple, inexpensive and flexible if your needs change, please consider a payable on death bequest. If you have questions or would like to learn more about POD beneficiary gifts, please contact us. We would be happy to assist you and answer any questions that you have.
*Please note: The name and image above is representative of a typical donor and may or may not be an actual donor to our organization. Since the benefits of a POD gift may differ depending on your personal circumstances, please consult with your legal, tax or financial advisor.
