A beneficiary designation is the simplest way to make a legacy gift to Classic Soul Radio. When you complete your beneficiary designation form, simply name Classic Soul Radio as a full, partial or contingent beneficiary and provide our federal taxpayer identification number (46-5384625). In addition, these gifts bypass probate and go directly to your beneficiaries.
Some common designation options are:
◦Retirement plans [e.g., traditional IRA, Keogh, 401(k)]: Including Classic Soul Radio as a beneficiary enables you to avoid substantial income taxes that would have been due if a retirement plan were left to non-spousal heirs. It is strongly advised that you name Classic Soul Radio as a beneficiary of a retirement plan through your beneficiary designation form and not through your will, which may jeopardize tax benefits. To obtain a beneficiary designation form, contact your plan administrator and insert “Classic Soul Radio, P.O. Box 650-086, Fresh Meadows, NY 11365, federal taxpayer identification number: 46-5384625″ as a beneficiary.
◦Insurance policies: Naming Classic Soul Radio as a beneficiary of all or part of your life insurance proceeds is another simple way to make a legacy gift. For an existing policy, obtain a beneficiary designation form from the life insurance company and name Classic Soul Radio as the beneficiary. For an added benefit, you could name Classic Soul Radio the owner of the policy and possibly be entitled to an income tax charitable deduction. Consult your financial or tax advisor to ensure you are maximizing your benefits before completing your gift intention.
◦Savings accounts: Designating Classic Soul Radio as a beneficiary of a savings account is another simple way of creating a legacy and allows full use of savings during your life.