Insurance Annuity Beneficiaries
Insurance annuities, unlike life insurance, carry an income tax burden. Your named beneficiary is responsible for paying the income tax due on the growth of the annuity while you owned it. The tax burden makes these assets a popular choice to leave to a charitable organization like PETA because we, as the recipient, can eliminate the tax bill.
Contact your insurance company for its change of beneficiary form for the insurance annuity. If you would like to name PETA as a beneficiary, simply decide what percentage of the annuity’s value (0 percent – 100 percent) you would like us to receive and name us (we recommend spelling out People for the Ethical Treatment of Animals), along with the stated percentage, on the beneficiary form. Then return the form to your insurance company.
For More Information
Before deciding who will get what in your estate plan, you’ll want to consult an estate planning attorney. To learn more about how your gift can help animals, please contact Tim Enstice at 757-962-8213 or firstname.lastname@example.org.